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Being diagnosed with a serious illness is a life-changing event. You may have to give up work, go through lengthy and difficult treatment, or radically change your lifestyle.
The last thing you want to be doing at this stressful time is worrying about money. So, give yourself and your family financial security by making sure that a tax-free lump sum will be paid if you become seriously ill.
Critical Illness cover provides this vital financial cushion.
“Being diagnosed with a serious illness is, sadly, all too common. In the UK, strokes cause around 100 deaths every day while, on average, someone is admitted to hospital after a heart attack every five minutes. And, someone is diagnosed with cancer every two minutes. You might think ‘it won’t happen to me’, but do you have the protection in place if it does?” – Gwilym Pugh, I’m Insured
Critical illness insurance is a type of insurance that will pay out when you may have to give up work, go through lengthy treatment, or drastically adapt your lifestyle if you are affected by any major medical emergencies, including heart attacks, strokes, and cancers.
Critical illness cover gives you and your dependents financial security, paying out a lump sum if you become seriously ill. This type of policy will pay out when you need it the most, ensuring you don’t have to be concerned about money when you should be focusing on making a full recovery from your illness.
When you’re browsing for critical illness insurance and its providers, you should look for a level of policy that will provide the best coverage for you. It’s a wise idea to calculate the amount of money your family would need to maintain the same lifestyle, if you were to develop a serious illness and can no longer work.
This will be valuable if you don’t have enough money saved to fall back on if you unfortunately fall ill, or if your employer cannot offer a package to cover long term sick pay.
If you’re looking for critical illness cover, I’m Insured will do the hard work for you. We’ll compare critical illness quotes for you to help you find the best deal for your personal needs. All you need to do is tell us a little bit about yourself and the pay-out you think you’d need, and we’ll pull together a list of quotes for you to choose from.
Whether critical illness cover is worth it will depend on your personal needs, lifestyle, and financial situation. Sometimes your employer can’t provide a benefits package to help you financially if you’re diagnosed with a serious illness that stops you from working. In that case, critical illness cover will help provide peace of mind and alleviate some of the financial strains during an incredibly stressful time.
Before committing to critical illness cover, you should weigh up whether you need critical illness cover by assessing your financial situation. Consider what you’d do if you have to give up work due to becoming very ill. For example, could you and your loved ones afford to remain in your home if you lost your income?
Insurance isn’t just about financial losses. It’s also about peace of mind.
What would you do if you have to give up work due to a serious illness? Could your family afford to remain in your home if you lost your income? And could you continue to pay your mortgage, rent or other monthly commitments?
Critical Illness cover pays a tax-free lump sum if you have a serious heart attack or stroke, or you’re diagnosed with multiple sclerosis or a life-threatening cancer.
It also covers a wide range of other medical conditions, ensuring you don’t have to worry about your finances when you should be concentrating on making a full recovery.
Critical Illness covers a specified list of illnesses and conditions. The conditions covered varies from insurer to insurer, so it’s important that you compare policies carefully to make sure you know what illnesses each of them covers.
You can typically expect a Critical Illness policy to cover:
Note that each insurer has different definitions of these illnesses. For example, some providers will only pay a claim if you have permanent and lasting symptoms, while some minor and less serious conditions (for example, some less serious cancers or a very minor heart attack) may not be covered. Check your policy documents carefully.
In 2018, insurer Royal London reported that the most common reasons for a Critical Illness claim were cancer (64%), heart attack (11%), stroke (8%) and multiple sclerosis (4%).
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