Everyone is fairly aware that if you are unwell it’s not cheap. For those people who are facing a critical illness it can be a nightmare in more ways than one. Being out of work can impact you financially and suddenly you’re not only dealing with being unwell but you’re also worrying about bills.
With critical illness insurance you can help yourself to cope with the finances more easily, which is why many people seem to opt for this – even if they don’t have life insurance.
Of course some illnesses will be seriously critical and may result in death instantly – such as a heart attack. However, there are a number of critical illnesses that are survivable, either over a period of a few years or forever. These might be certain types of cancer, like breast cancer and a heart attack you survive.
In short, it’s a horrible thought thinking about critical illness but having some kind of cover is a good back-up for whatever might come about.
If you don’t have cover
If you don’t have critical illness cover and you get diagnosed with an illness there’s often a specific pattern of things that can happen.
For example, initially it may require ad-hoc time off work for appointments. Now maybe you can use your holiday entitlement for this but when that runs out – unless you have a very sympathetic boss there’s a good chance you won’t get paid for those times out of work. So at this point, every moment you can’t work you’re taking money off your earnings, which can then impact on the bills.
Maybe it starts with a missed payment here and there and you catch up, but what happens when it gets to the time you need treatment? Maybe you need a few weeks away from work and that could spell a serious financial disaster for you and your family.
Critical illness cover offers a lump sum should you be diagnosed, which could give you more time to spend with your family and a lot less worry when it comes to paying the bills each month – even if you are off work for weeks on end.
If you have a heart attack but survive, then having that pay-out from cover means you can take the time you need to get better and reduce your stress levels considerably, just be having that little bit of financial back-up to rely on.
Critical illness cover is not suitable for everyone of course and we do suggest you seek out professional financial advice should you in any way be uncertain about your options.