When to buy critical illness cover

When to buy critical illness cover

8 Jun 2021

As with many life insurance products, you may start thinking about critical illness insurance once you gain responsibilities; both financial and other. This could be when you get on the property ladder and take out your first mortgage. Or this could be when you start your own family and have children who rely on your income.

Critical illness cover provides the policyholder with an income or lump sum of money in the event that they are diagnosed with an eligible illness or disability. It gives a financial safety net to cover regular outgoings such as your mortgage or rent, debt repayments or any healthcare or specialist equipment that you may find yourself in need of.

So, when is the right time to take out critical illness insurance? You may not need it in your teenage years when you get your first job. A little later in life though as you begin to really stand on your own two feet, this insurance product should be on your radar!

Critical illness cover for parents

Arguably the most important time to take out critical illness cover is when you become a parent. When you bring children into the world, the way you look at life totally changes. Suddenly, there’s a million and one more things to worry about. You may be thinking about what would happen to your family if you became diagnosed with a serious injury or a disability. If you couldn’t go out to work as normal, would you be able to keep a roof over their heads? Would you be able to still put food on the table everyday?

Enter, critical illness cover. It’s the time to protect the life you love. There’s enough to think about as a parent - don’t add getting seriously ill to the list. Yes, that may always be in the back of your mind but having a critical illness policy means you’ll be able to worry about it a lot less!

Critical illness cover with financial responsibilities

Secondly, once you begin renting a house, paying a mortgage, or when you purchase a car - you are tied into financial responsibilities for a period of time. That’s when you may decide to safeguard your finances against becoming seriously ill or injured. If you have to take large amounts of time off work, or even leave your job altogether, you may struggle to keep up with your financial responsibilities.

The regular income or lump sum of cash that critical illness cover can provide can make a tough time a little easier. It can allow you to regain a sense of normality when your world may have been turned upside down, whilst covering any extra healthcare costs you may have on your plate too.

Critical illness cover for over 50s

It can definitely be beneficial to take out insurance policies younger, as the lower risk you are, the lower your monthly premiums are likely to be. Get that good price secured whilst you haven’t developed any pre-existing conditions.

That said, you may not seriously consider critical illness cover until you get much older. As we age, we become more susceptible to the type of illnesses and disabilities commonly covered by critical illness cover. Did you know that adults aged 50 - 74 comprise 53% of all cancers diagnosed? Not a nice statistic.

Thanks to advancements in science and medicine, we all have longer life expectancies (yay!), however this does potentially leave us exposed to illnesses for longer. Whilst a lot of critical illness cover policies have a maximum age limit of 65 or 70, you can definitely still get comprehensive cover if you’re over 50. You may have a little more spare cash to put aside for it now too, with your children grown up and financially independent, and perhaps your mortgage paid off.

How much critical illness cover do I need?

You can get different levels of critical illness cover and plans that include all kinds of different illnesses. Commonly, you’ll find that heart attacks, strokes, traumatic head injuries, major organ transplants, kidney failures and illnesses like Parkinsons, Multiple Sclerosis, bacterial Meningitis and many types of cancer are all covered. 

You can even get critical illness cover that covers your children. We’re sure many parents will agree that having a seriously ill child can be a lot more stressful and heartbreaking than being ill yourself. If your child becomes seriously ill or disabled, this will have an enormous impact on your life and your capability to work and earn money as normal. A critical illness cover payout will mean that being unable to work is not something you need to worry too much about.

You may be tempted to take out the cheapest critical illness policy that you can find. At least then you have some cover, but you’re not making too much of an investment. That’s not always the best idea though. It may not cover you in the way you are hoping it will. Whilst critical illness cover can fit many budgets, be mindful of what you want to be covered against, and the realistic payout amount you’ll need and let that be the driving force when choosing your perfect policy.

Is now the right time for you to take out critical illness cover? If so, let us help you take the next step. Our friendly advisors will talk you through your requirements and provide you with free quotations from the UK’s top providers. When you’re ready, give us a call on 0800 316 3166.


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