To your kids, you are probably Superman and Wonder Woman, but unfortunately many serious illnesses don’t discriminate. If you were to fall ill, wouldn’t you want your family to have some support to help them through?

Critical Illness Cover can provide additional financial help if you are diagnosed with a serious illness, which could be life-changing.

Is Critical Illness Cover worth getting?

The odds are that you are probably more likely to fall ill than pass away, and if that should happen, it’s important to think about whether you have the right protection in place. Would you and your family struggle due to a loss of income if you had to stop working? Would you be able to afford your mortgage or other bills?

If your lifestyle is likely to be affected and you don’t have enough savings to fall back on, critical illness cover could be incredibly worthwhile as a financial safety net. Taking out Critical Illness Cover means that you and your family may have the necessary support for medical treatment, covering a loss of income and even being able to enjoy time as a family.

How does Critical Illness Cover work?

You can either have Critical Illness Cover added to your life insurance policy, or you can pay for it as a separate cover. If you choose to have them combined, you only pay one monthly premium which can mean it’s usually cheaper compared to having two separate policies. 

However, it’s key to remember that a combined policy will only pay out once. So, if you become really ill with a critical illness and make a claim, your policy will then expire and you won’t have life insurance. 

For this reason, you have the option to have the two running alongside each other and take the policies out separately. Our team can explain the best options to suit your individual circumstances, making sure your policy is tailored to you and your family’s needs.

What does Critical Illness Cover?

It’s important to understand that not every illness is covered on a Critical Illness Policy, but it will cover some of the most life-changing illnesses that you may unfortunately experience. Your policy will include a specified list of illnesses, and this can differ from provider to provider. 

Generally speaking, heart attacks, strokes and some forms and stages of cancer will be covered by critical illness insurance. Your policy may also include organ transplants, multiple sclerosis, Alzheimer’s and Parkinson’s.

Critical Illness Cover usually includes serious illnesses that are not terminal.

How much Critical Illness Cover do you need?

When deciding how much cover you need, consider how much income you would need if you had to give up work. You need to think about your mortgage payments, daily living costs and if you might need any treatment or care. This can help you to arrive at the level of cover you might require if you were to be diagnosed. 

Your Critical Illness Policy works similarly to Term-based Life Insurance and offers cover for a fixed amount of time. Consider how long is left on your mortgage and how many more years your kids are likely to be financially dependent on you; these can be helpful factors in deciding on the length of the policy. Many providers have an upper age limit for Critical Illness Cover, which is usually 70 years old. 

The amount of cover, as well as the length, of the policy can determine how much your insurance will be. The cost is also based on how much of a risk you pose to your insurance provider. For instance, if you are a smoker, your premiums are likely to be higher than someone who doesn’t smoke.

What’s the difference between Critical Illness and Income Protection?

Both Critical Illness and Income Protection have the purpose of paying out if you are left unable to work, but the two insurance types are not the same. Critical Illness Cover will provide a one-off, lump sum if you are diagnosed with one of the predetermined illnesses listed in your policy. 

Income Protection will provide regular payments that make up a percentage of your income. This type of insurance usually covers a wider range of causes, including things like accidents and mental health issues. The policy type you choose can be completely personal to you and your circumstances.

At Busy Bee Life Insurance, let us do the hard work for you. We can compare Critical Illness Cover quotes to find you the right policy at the right price.