Critical illness insurance provides a lump sum* pay out against potentially life changing illnesses, with the most common being cancer, heart attack and strokes.
Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy. It can provide a much needed financial boost at a difficult time. The conditions and illnesses covered can vary significantly between insurers.
If you are unable to work due to serious illness, how would this impact you financially? Would you turn to your savings, family or employer for help? If you are able to rely on any of these things, how long will that help last? A lump sum payout is invaluable to those that are unable to return to work due to the severity of the illness, or require on going medical care. You may also wish to use the payout to create special memories with your loved ones.
You should consider getting critical illness cover if you and your family depend heavily on your income or you don’t have enough savings to cover bills and additional payments if you become seriously ill or disabled.
What’s more, many insurers will include cover for children at no extra cost.
Overall, the amount of cover you choose will affect your monthly premiums, which you pay throughout the term of a critical illness policy. your age also affects your monthly payments. The older you are, the more expensive they will be.
*you may also choose a regular monthly benefit instead of a lump sum