Can I Buy Just Critical Illness Cover?

Can I Buy Just Critical Illness Cover?

17 Jan 2020

Getting seriously sick and not being able to provide for yourself and your loved ones is exactly what you want to worry about constantly, right? Yeah, us too - we just love having no peace of mind and worrying about falling ill and not being able to pay the bills all the time. 

If you’re not into worrying 24/7 about being able to put food on the table for yourself and your loved ones, life protection products are a great idea. It’s a bit tricky to know what to invest your money in though. 

Many people buy just one product, like Life Insurance, Critical Illness Cover, or Income Protection - but different life protection products are designed to cover you in different ways - like the different sections of a suit of armour. You can wear just a helmet, but it doesn’t work quite as well as a full suit. 

If you’re on a tight budget or you don’t have anyone depending on you, sometimes just a helmet can be enough. If you’re looking into buying just one insurance product, there are a few things to consider before deciding that critical illness cover is right for you. 

How does critical illness cover work?

Critical illness cover, like other protection products, pays out a tax-free lump sum upon you placing your claim. It isn’t mandatory, and can be bought to go along with other life protection products such as life insurance or income protection. It’s there to protect you should you ever find yourself seriously ill or injured. 

You can buy different policies that cover different illnesses and conditions, as not everything is covered. Policies usually cover serious or long term illnesses and injuries, like the loss of arms and legs, or heart attacks, types of cancer, strokes, multiple sclerosis, and Parkinson’s. 

You can also decide the limits of your policy. You can determine how long you’d like it to last for, with many people opting to keep theirs going until their mortgage is paid off or until their children have left home. You can also buy policies that cover your children. They may not make their own money but you may need time off from work to take care of them, and costs can rack up if you need to drive them to specialist appointments or get private treatment. 

So can I buy critical illness cover on its own? 

You can, but that doesn’t necessarily mean you should. There are also some insurers that won’t provide critical illness insurance without a life insurance policy. However, if you’re looking to buy just one policy then it’s possible that critical illness cover is a good choice for you - there are very few people who it realistically wouldn’t benefit. The only circumstances where you definitely wouldn’t need critical illness cover at all are: 

You’ve got savings to fall back on should you be unable to earn a wage.
You’ve got loved ones who you can rely on for a while if needed.
 Your employer provides a benefit package that protects you against long term sickness.

The best way forward for most people is to buy a life insurance policy and then critical illness insurance to go along with it. This tends to be more economical, as critical illness insurance tends to be more expensive due to a higher risk that you’ll claim on it. 

It’s important to remember that critical illness won’t pay out if you die - which is why many people opt for both critical illness insurance and life insurance. It is much more likely that you’ll find yourself unable to work due to illness or injury than it is that you’ll die before retirement age though, and none of us are invincible - so it depends on what you’re most intent on protecting yourself and your loved ones from.

However, if you’re free as a bird and you’ve got nobody depending on your income and no financial commitments that would fall to your loved ones if you were to die, it’s true that life insurance might feel a bit like throwing money away. You’ll always need to feed yourself, put clothes on your back and pay your own bills though - unless you’re lucky enough to have savings or work benefits, as said before. 

With so many policies out there that protect you in different ways, make sure you’re looking at the big picture when choosing your armour. That’s where LifeSearch can help. We’re the perfect people to turn to for a little advice. Call 0800 316 7253 today to chat to someone who cares about protecting the life you love.

Let us get to know you and do the hard work for you

Seven reasons to review your life insurance cover

4 Aug 2022

Your policy isn’t carved into stone – is it time for a review?

Read more

In a crisis - keep cover

5 Jul 2022

Costs stacking up? Your life insurance may seem like a luxury, but 'some protection is always better than none'

Read more

Does Income Protection Cover Redundancy?

16 May 2022

FAQs on what’s available if you can’t work
Read more

LifeSearch Limited is an Appointed Representative of LifeSearch Partners Limited, who are authorised and regulated by the Financial Conduct Authority. Calls may be monitored/recorded.