Do I Need Critical Illness Cover?

When deciding whether or not you need critical illness cover, you will want to ask the following question: If I was to become ill and be unable to earn money or need to afford expensive medical treatment, would my financial circumstances be adversely impacted?

If you don’t have much in the way of financial responsibility, this may not be a consideration. Likewise, if you have lots of savings and assets, and would be able to live comfortably without any income, you may decide the cost of critical illness insurance is not necessary.

However, if you have monthly mortgage or rent payments and look after children or relatives, then protecting your finances against certain life events is highly recommended. It’s not pleasant to think about the possibility of you or your partner becoming critically ill but by planning ahead and accommodating for such an eventuality, you will have a large weight taken off your shoulders.

If you can afford the insurance and get the coverage for the conditions you want, it can be worth it. Upon diagnosis and a successful claim you will receive a lump-sum of cash. From keeping up on mortgage payments to affording bills and transport costs for any appointments you need to attend, this lump sum means you won’t have to worry about your bank balance should your income cease as a result of an illness.

This only applies to illnesses listed in your cover. Also, if you or a family member has a history of a particular medical condition, you may struggle to get coverage for it, or you may need to pay a higher premium. It’s up to you to decide whether the cover is worth it.

Still not sure whether you need critical illness cover?

If you need advice on critical illness cover or help finding a suitable insurance provider, Agentis can help. We are expert insurance brokers and won’t just seek out the best value insurance, but make sure that the policy covers exactly what you require. We also take into consideration how easy the claims process is, making sure you don’t have to jump through tedious hoops to receive the cover should you require it. Contact us today to arrange your free initial consultation.