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Is critical illness cover worth it?

Is critical illness cover worth it?

If you become seriously ill, critical illness cover can give you the peace of mind that you’re financially protected.   
However, before you take out a policy, it’s important to weigh up the pros and cons to decide if critical illness cover is right for you.

Kamran Altaf
From the Life team
minute read
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Posted 2 MARCH 2020

What is critical illness insurance?

Critical illness insurance is a policy that will pay out a tax- free payment if you are diagnosed with a serious illness, or suffer a serious injury that is listed in the policy.

It can help relieve the financial burden of living costs, mortgage repayments or medical treatments if you’re unable to work.

However, before you decide whether critical illness cover is right for you, consider these questions:

  • How much does it cost?
  • What will you be covered for?
  • Do you really need it?

How much is critical illness cover?

There’s no average cost of critical illness cover, as it very much depends on each individual policyholder.

Your lifestyle habits, age, medical history and job will all have an impact on the cost of your premium.

It will also depend on the length of your policy and the amount you want to be insured for.

Typically, the older you are, the more expensive your premium will be.

Critical illness cover can sometimes be more expensive than other types of insurance. That’s because there’s more likelihood of a pay-out.

What will I be covered for?

If you’re looking to take out critical illness cover, you should read the terms and conditions of the policy very carefully, before you make a decision.

The type of conditions and cover listed by insurance providers can vary greatly.

All policies cover three core illnesses/conditions:

  • cancer
  • heart attack
  • stroke

However, each insurance provider tends to have their own definitions of these. Always check the policy information to find out exactly what conditions are covered and what are excluded.

Do I really need critical illness insurance?

The main benefit of critical illness cover is that it can relieve the burden of financial costs during a stressful and traumatic time.

Consider how you would pay the bills, mortgage and possible treatment costs if you were laid up and unable to work. The cost of critical illness cover could be a small price to pay for peace of mind, for you and your family.

Critical illness could be right for you if:

  • You don’t have enough savings to cover your loss of income if you become critically ill and can’t work
  • You don’t have a partner whose income can cover the mortgage and other living costs
  • You don’t have an employee benefits package that covers long-term sickness (for critical illnesses)

It’s worth checking any other type of protection insurance you may have, such as income protection or mortgage payment protection. You may find you already have adequate cover for serious illness.

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If you’re looking for critical illness insurance or any other type of illness protection insurance, check out what’s available and compare quotes with us.

Use our simple comparison tool to compare critical illness protection and other life insurance products.

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