Is Critical Illness Cover Worth It?

If you take out Life Insurance or Decreasing Life Insurance, you can choose to add Critical Illness Cover for an extra cost and depending on your circumstances, that cost could be quite significant. So if your budget can stretch to it, what's the benefit of Critical Illness Cover? This article outlines some of the benefits and considerations you should take into account to help you make an informed decision.

What does Critical Illness Cover offer?

Critical Illness Cover is designed to protect you and your loved ones from the financial impact of a critical illness. It could pay out a cash sum if you’re diagnosed with, or undergo a medical procedure for one of the specified critical illnesses we cover during the length of your policy and you survive for 14 days from diagnosis. It could help pay for things like household bills, child care costs or simply help maintain a reasonable standard of living for you and your family if you have to take time off work to recover.

Who needs Critical Illness Cover?

A critical illness can affect anyone at any age and can turn lives upside down. In the event of being unable to work due to critical illness, having a back-up plan in place can alleviate some of the financial stress of the situation. Some people may use their savings to supplement their loss of income, others may rely on an employment benefit package, while others may find that Critical Illness Cover is one of their best options if they need a cash sum.  

How much does Critical Illness Cover cost?

The amount you pay can vary widely from person to person, so to get an idea of how you could be paying its best to get a quote. These are some of the factors that will determine your premium:

  • whether or not you smoke, or have previously smoked in the last 12 months
  • your age
  • how much cover you want and how long you need it to last
  • your health and lifestyle, including your weight and family medical history
  • your job - some occupations are seen as higher risk and therefore can have higher premiums associated 

Our Critical Illness Cover

If you think Critical Illness Cover could suit your needs, you can find out more about it here.

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