Critical illness cover is basically an insurance package that provides protection and cover in the event of a life-threatening illness and diagnosis. It is a tax-free cash lump sum that can be used simply to get by whilst you are out of employment and having treatment.
Sometimes offered alongside life insurance policies, critical illness cover is a god-send should anything unexpected happen, and it is certainly well worth considering if you are responsible for looking after a family.
With the above in mind, critical illness cover offers substantial protection for loved ones, so it would be unwise to ignore it. The money you receive will ensure that family members are not left in a precarious financial situation when you are taken ill, and there is also mortgage relief if you still have payments to make towards your home. If you have a family which is dependent on you, this type of cover could offer you the peace of mind that comes with the knowledge that everything will be taken care of.
The medical conditions covered by this type of insurance are also quite wide ranging. Heart attacks; strokes; cancer and kidney failure; blindness; deafness; MS; paraplegia; and Alzheimer’s are just a few. There are also some companies who provide more cover than others, so it is always worth your while to shop around and get the very best cover for your finances. Investment in your future and in your family’s future should not be something that is rushed into, so take time out to discover what is the very best deal for your circumstances.
As well as determining what is covered it is also imperative that you learn about exclusions in place. Each company and insurance provider will differ with regards to exemptions, so you should be fully aware of what is covered and what is not before you opt for a particular package. Unsurprisingly, drug related claims and self-inflicted injuries will not be covered by the majority of cover providers, and claims arising from war-related activities are also likely to be part of the exclusions list. Also bear in mind that should you have suffered a life threatening illness in the past you may not get insured, and you may also be rejected if you are currently in poor health. People who smoke, are overweight, or have a high chance of developing certain diseases (i.e. a long family history of heart trouble) can expect higher premiums.
Critical illness cover is not just about getting the right policy in place to look after yourself whilst you are receiving treatment, it is also an insurance option that can prove essential for your loved ones – both financially and from a peace of mind point of view. Seeing any family member battling through a tough time is hard enough, yet knowing that everything is being taken care of financially can really help to take the pressure off and can allow time to focus on the really important things such as recovery.
We use a range of other insurance providers and their products may be more suitable for your needs These articles are for information only and does not constitute as financial advice in any way