Is Critical Illness Cover worth it?

Critical Illness Cover pros and cons

To give you a better understanding of Critical Illness Cover, we’ve summarised some of the key pros and cons below.

What are the downsides of Critical Illness Cover?

No cash value
Your policy has no cash value unless a valid claim is made, so even if you survive the policy, you won’t get any money back.

It doesn’t pay out upon death

Our Critical Illness Cover is designed to pay out if you’re diagnosed with certain critical illnesses and a successful claim is made. Your critical illness policy would then end; however, the life insurance policy would be unaffected.

Not every illness is covered

While there are a wide range of critical illnesses covered, there are exceptions. For example, some types of cancer are not included. Deafness must be permanent and irreversible; and kidney failure must require permanent dialysis. In order to make a claim you’d need to meet the full definition for the critical illness, which can be found in the policy documents.

Premiums may cost more for some people

Life insurance products are generally cheaper when you’re younger, or in good health, and the same goes for Critical Illness Cover. But of course, it isn’t always the best solution for each individual. It’s important to get the right policy for your needs and to understand how much Critical Illness Cover you may need.