More often than not, when you mention critical illness insurance to someone they automatically think it’s the insurance of doom and is only relevant if you’re given months to live or indeed suffer a major illness like a fatal heart attack.
Obviously these scenarios do happen, but what if you are diagnosed with a critical illness but survive it? This may well include a big heart attack like a coronary or it could involve a cancer that is ultimately put into remission.
The reality is that with a critical illness, so long as your insurer has it listed then you can get a payout if you are diagnosed. For example, if you were to have a coronary heart attack but survive it, then you will need time to recover. This is where critical illness insurance comes in as it can help you deal with the finances while you’re in recovery. This may mean weeks or even months off work with a financial security net.
Equally, if you are diagnosed with a type of cancer that is treated and goes into remission then again you may well need time off work. Having the critical illness cover could help you with the mortgage, paying for childcare or even a well needed break.
Critical illness cover is something that can be set at a low rate or a much higher one depending on how much you want to pay of course. Equally, you should check with the insurer all of the illnesses that they cover as what is recognised as critical illnesses are not the same for all insurers.
While none of us like to think about dying or indeed getting a critical illness, it does happen and if you can be better prepared for it then you are at least giving yourself a safety net. If you are ill and you need time off work having cover could help with that.