Critical illness cover is important for every stage of your, and your family's life, offering vital cover should a range of serious illnesses suddenly strike. Here's why.
Such illnesses can occur, without warning, at any time of your life. For example, this may be when you are keen to start a family, or already have children; when it's also likely that such a commitment will be matched by hefty mortgage payments. Or you may still be single, but in a committed relationship, needing to pay each month's rent. Perhaps you have moved beyond either of these scenarios, and have now reached that stressful stage where your children are needing financial help to complete their education, or move into their own place.
At every stage of your life, sudden and serious illness can suddenly tear such plans and hopes apart. This is where critical illness cover proves to be the smartest of investments. By the way, the policy can also cover your children, should such a terrible event happen to them. Although we know this is unthinkable, it's a scenario that is best to consider. Sadly, it may not be as unlikely as you would hope.
Critical illness cover explained
Each company's policy will, of course, differ in some aspects, including which conditions are covered. Depending on the policy, cover can be provided for well over 150 different conditions. As a general guide, critical illness cover pays out a tax-free lump sum if there is a diagnosis of an illness defined in the policy, during the period that this policy is active. This lump sum helps to cover key financial commitments such as mortgage payments, as well as vital, often soaring, medical expenses.
Be aware that some providers describe this as 'serious illness cover' and provide payments based on the severity of your condition. This also means that you might receive a payment when your illness has been caught at an earlier stage, yet leaving no funds available for further, later claims. Finally, some providers will also offer a less costly variation, but this will only cover Heart Attack, Stroke and Cancer situations.
Why it pays to take out critical illness cover
Should you, or your children, fall victim to such an illness, there will be many frightening and stressful situations to be faced. At least critical illness protection helps relieve the crucial financial burden, offering vital peace-of-mind that you and your children are covered in this key area during the term of the policy. This allows you to devote all of your energies to combating the illness itself.
Action to take
Consider your critical illness cover needs right away: protect yourself and your loved ones should that life-changing moment ever happen. Act now.