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Critical illnesses such as cancer, heart attacks and kidney failure drastically affect the lives and finances of hundreds of thousands of people every year. While those in good health continuously count their blessings that they haven’t been affected, many people choose to take out critical illness cover to ease the financial pressure associated with such illnesses in case the worst happens.
The illnesses covered will differ depending on the provider and level of insurance taken out, but as a general rule they’ll endow you with a tax free sum covering seven core conditions and variations of them: cancer, a coronary artery bypass, a heart attack, kidney failure, a major organ transplant, multiple sclerosis and a stroke.
Naturally, most will only pay out if you’re diagnosed with a critical illness more than a month after taking out a policy to stop people from taking advantage of the system.
If you’re trying to figure out what the right level of critical illness cover is, then there are several things you’ll need to take into account. For instance, how long do you want the cover to last for? While you can suffer from illness at any time, the idea of the cover is that it’s meant to help ease financial burdens during the period of your treatment. Many people choose to only be covered until their mortgage is paid off, for example.
You’ll also have to consider how much the cover is likely to cost you – if your family has a history of one particular condition, for instance, your insurance could cost more.
It’s important to be completely truthful on your application, as insurance providers will be able to gain access to your medical files and can reject any application that fails to mention any underlying health conditions. Remember that depending on how much you’re paying, you’ll only be covered for certain conditions.
People can be hit with a critical illness when they’re least expecting it, whereas others can make it all the way through life before becoming unwell. It’s impossible to predict what’s going to happen with your health, so you have to make a personal decision over whether you’ll need critical illness cover or not.
It might be an idea to compare what’s offered in critical illness and life cover policies before making your final decision on whether you can live without one or not. They’re not essential, but they can help provide peace of mind.
Bruce Giles writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.
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