It’s not something anyone wants to think about, but if you do, then critical illness insurance could save you and your family from a massive change in circumstances. Critical illness coverage will pay your mortgage, your treatment, and could even cover the cost of necessary alterations to your home if they are needed due to injury.

What illnesses are you covered for?
This can vary, and it’s important to check with your insurer to see what medical conditions and injuries are covered. Here is a snippet of what could be covered: Cancer, deafness, organ transplant, heart attack, stroke, Alzheimer’s disease, multiple sclerosis, and much more. Your insurance company will clearly define under what circumstances they would pay out for these conditions, which usually must be of a specified severity.

Why do you need it?
If you are unable to work due to a serious illness, the financial impact can be devastating. Unfortunately, government assistance in the form of state benefits does little to match your income, nor does statutory sick pay. The impact on your family can be huge, and if you are unable to provide for them or pay your mortgage, then the consequences for you and your family become even worse. Critical illness cover is also very beneficial when you recover. The last thing you want is to spend your hard-earned life savings paying your bills while you recuperate.

Deciding how much cover you need
It’s important to plan and assess your financial position carefully. When taking out critical illness cover, consider your earnings, any debts you may have, the cost of your mortgage, the cost of your monthly household bills, and your family’s monthly outgoings for childcare. That way, you will calculate a realistic figure if the worst should happen.

Calculating your premium
The cost of your critical illness cover will depend on many factors, including lifestyle choices (for example, if you smoke or not), medical history, your occupation, and the level of cover you require.

A few things to remember when taking out critical illness cover

• Add a waiver: This is a top tip when it comes to protecting your policy. If you become ill and can’t work due to illness and are struggling to pay your critical illness policy, by paying a little more each month, you can rest assured that your premium will continue to be paid and your family can claim in the event of your death.
• Give accurate and honest information to your insurer: It’s vital that you disclose any information to your insurer; otherwise, you could invalidate your policy. Insurance companies will check your medical history, so don’t risk it!
• Understand the terms of your policy: Talk to your friendly advisor; they are a fountain of knowledge. You need to know where you stand in the event of a claim. They will be more than happy to help, and this will all be backed up in writing, so take your time to read your terms carefully.

Critical illness cover keeps your family and home secure in the event of a serious illness or injury. Interested? Get in touch today.