Critical illness insurance is a type of cover that will pay out a claim when you are diagnosed with a critical illness. For example, if you were to be diagnosed with cancer and therefore, had only a short time to live, a critical illness policy would pay out a lump sum of money.
However, the fact is we are all living longer. This is down to various factors such as better medical treatments and even lifestyles being markedly better than they would have been even 30 years ago. In short, if a potential critical illness is caught early enough, there are many cases which improve chances of survival.
However, this does not mean that a critical illness policy is a waste of time and that you would not benefit from it should the worst happen. It can buy you precious time to spend with your family without the worry of work or financial strain, something that many people appreciate during difficult times.
Equally, it also means that your family will have a financial security net when you are no longer around to support them. Again, something that is priceless when it comes to the aftermath of a loved one passing away.
So while we are all living longer, it’s still a good idea to ensure you have cover, just in case something should happen. It’s surprisingly more common that you would imagine, making it a good idea for anyone with a family or dependents.