Is Critical Illness Cover Worth It?
Critical illness is something that most of us want to avoid thinking about – but does it make sense to never think about it until it happens? In an ideal world, we would all live to a good age without the risk of falling ill. However, in reality we all know someone who is battling with a condition. Hopefully serious illnesses won’t ever come knocking on your family’s door, but if they do, critical illness cover can offer a financial lifeline and great peace of mind.
Critical illness refers to a wide range of illnesses that can have a life-changing impact. We’ve listed some of the top considerations on whether critical illness cover is worth it below.
Lessen the financial burden
If you develop a critical illness, you may not be able to work. The insurance provides a one-off payment that is designed to cover a loss of income for a period of time and any expenses related to treatment, such as medication and transport to hospital appointments, etc.
Essentially, you will be able to lessen the financial burden on you and your loved ones. This is an especially important consideration if you have children or if you’re the breadwinner and having no income for a period of time would severely impact your finances.
Anyone can become ill
Anyone can fall ill. Of course there are certain genetic or lifestyle factors that make someone more likely to develop an illness, but even the healthiest of us can fall ill at some point in our lives. While it’s not a comforting thought, acquiring critical illness cover can cover your back should the worst happen.
Peace of mind
Aside from the reasons outlined above, many believe a critical illness policy is more than worth it – why? Because it gives you peace of mind for your future finances and protects your children or partner from the financial implications of a critical illness diagnosis in the family.
With a critical illness payout, you will still be able to afford your weekly groceries, rent or mortgage payments and any medication, care or treatment that you should need access to during what would be a difficult time. You will also be able to purchase specialist medical products that can make you feel that little bit more comfortable.
When might critical illness cover not be right for you?
When it comes to whether critical illness is right for you or not, it may depend on what you want to be covered for – not all illnesses are covered and with some policies your illness needs to be of a particular severity in order to receive a full payout. This cover is designed to support you should you be diagnosed with a condition that limits your ability to work or where you may need ongoing treatment.
There’s also the matter of finances. If you have plenty of savings, enough to cover a loss of income, then critical illness cover is probably not necessary. But if you know you would struggle without the cover, then it is definitely worth it.
You should also check that you don’t already have access to critical illness cover through your employer.
Speak to Agentis today
Speak to Agentis today to arrange your free initial consultation for critical insurance cover. We can help find the right policy for you and our team of expert insurance brokers will always handle the conversations in a sensitive, friendly manner. Acquiring this insurance doesn’t have to be all doom and gloom – for many it’s a common sense investment that can give you peace of mind. Book your free initial consultation with us today.
