Why Is Critical Illness Cover Important?

Why Is Critical Illness Cover Important?

21 Nov 2019

Critical illness cover is one of the less talked about life insurance products on the market. Whilst a life insurance policy covers many terminal illnesses and will pay out when you die, critical illness cover pays out should you be diagnosed with a non-terminal illness. It’s there to ease the burdens of daily living whilst being unwell, and to ease financial pressures from being unable to work.

How critical illness cover works 

Just like other life insurance products, critical illness cover usually pays out a tax free lump sum if you fall ill during the duration of your policy. You can set the length of your policy so that it works with your lifestyle, too. Most people choose to cover the time until their children leave home, their mortgage is paid, or any other financial obligations are met. This means that if you become ill, you’ll still be able to meet these obligations even if you’re unable to work. 

Events such as heart attacks, strokes, traumatic head injuries, major organ transplants, kidney failures, and illnesses like Parkinson's, Multiple Sclerosis, bacterial Meningitis and many types of cancer are commonly covered. Watch the fine print for exclusions though - often minor heart attacks or certain types of cancer aren’t covered, so make sure you’re buying a policy that gives you the cover you want. 

But I won’t ever get ill, right?

You might feel like critical illness cover isn’t important as you’re unlikely to get unwell. Whilst we hope that’s true, the reality is that we are far more likely to get ill before turning 65 than we are to pass away before then. 

Medical advances also mean that many more people survive serious illnesses than ever before. This is great, of course, as it means that we’re all more likely to live longer, happier lives, but it does leave us at risk of falling ill and being unable to work and sustain ourselves and our families financially. 

The real importance of critical illness cover

Whilst thinking about critical illness cover isn’t pleasant, it’s very important. If your loved ones might struggle to continue living their lives normally without your income, critical illness cover, as well as an overarching life insurance plan, could be really beneficial to them. While, admittedly, it doesn’t feel great sending off money for something you might not use, the peace of mind is so worth it. 

The money isn’t just there for costs you had before you fell ill, either. It’s there to help with the costs incurred whilst you’re ill, like any trips to see specialists, or changes needed to your house or car during your recovery. Money might not be able to buy you happiness but it can definitely help you and your family have one less thing to worry about when you’re sick. 

Understandably, the buying of critical illness cover usually comes hand in hand with certain events in a person’s life, like starting a family or buying a family home. This is the turning point where critical illness cover and other life insurance products, becomes really vital. 

You can buy multiple life insurance products at once, and you can combine your critical illness cover with your life insurance should you choose to purchase both. Sure, it can be a little mind boggling, but it’s an easy way to show your family how invested you are in ensuring they are protected from any financial difficulties that might come your way because of becoming ill or passing away. 
If you’re worried about the fine print or just curious about how you can make life insurance policies work for you, then get in touch with us. Here at LifeSearch we can help you make sure your cover, well, covers you! Call us on 0800 316 3166 for friendly, fee-free advice. 

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.