The question of whether any particular form of protection insurance is “worth it” for you will always come down to how well-matched that particular product is to your personal circumstances and requirements.
The situation is no different when it comes to critical illness cover. However, it is important to first be aware of what this type of insurance is, and what it isn’t, so help ensure you make the most informed choice.
Introducing critical illness insurance
As its name suggests, the central purpose of critical illness insurance is to help protect the policyholder in the event that they suffer from a critical illness unexpectedly. It does this by paying out a one-off lump sum if the policyholder suffers one of the medical conditions mentioned in the policy terms, such as a stroke or cancer.
That money, in turn, can then be used for whatever the policyholder wishes to use it for. Suffering from a serious illness can be very expensive in itself, of course, so the policyholder might choose to put the money towards medical expenses or having their home adapted to help them live more easily with their health condition.
But the payout could be just as easily used for something else, such as clearing off debts or paying the other day-to-day costs that might become a lot harder to cope with if the policyholder is suddenly rendered unable to work.
So, would critical illness cover be worthwhile for you?
There are various potential perks and drawbacks of critical illness cover, and your awareness of these will be crucial to your decision-making on this type of insurance.
First of all, the bad news; your ability to claim on a critical illness policy would depend on your specific illness being mentioned in the terms of the policy. Not all illnesses are covered by critical illness cover, and even if yours is, the level of severity of the illness will determine whether you can make a claim.
It is also obviously important to be mindful of the cost. This will be closely linked to your current age and lifestyle situation; if, for example, you are an older person with a high BMI, insurers are likely to see you as a greater risk, so you can expect to be quoted a higher price to be covered.
If, on the other hand, you take the time to lose weight or quit smoking before applying for critical illness cover, there is some scope to at least reduce how much you might need to pay for such a policy. You could then lower your expenditure further by altering the level of cover and the period of time for which you would like the policy to be valid.
Looking to the advantages of critical illness cover, this type of insurance can give you vital peace of mind if you don’t have significant savings you could fall back on in the event of suffering a serious illness. And with past research having suggested about a quarter of women and a fifth of men suffer from cancer or a heart attack before they reach retirement age, there could be a somewhat likelier chance of that happening to you than you realise.
Critical illness insurance can also make a lot of sense as a purchase if you have children or other family members who rely on you financially, as well as if there are loans that you are presently paying off, such as a mortgage or car finance. And let’s be honest: if this sounds like your situation, you are likely to be appreciative of whatever layers of protection you can give yourself.
Why not allow us to help you make the right choice?
We know what you’re thinking; the last thing you need is a pushy salesperson who insists on you buying their critical illness cover or other insurance policy, no matter how suitable or unsuitable it is to your actual requirements.
But here at QuoteLifeCover, we aren’t that. Instead, we offer a free, no-obligation advice service to help you make sense of the protection insurance products on the market today. You don’t have to buy any protection insurance policy through us - but if you wish to do so, we will be all too happy to assist.
To find out more and to benefit from our personalised and renowned service, please call one of our UK advisers today, on 0800 316 6917.