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Is critical illness worth the cover?

No one wants to think they may become critically ill; however, sadly, it happens for many of us. Advances in medical science mean that illnesses are being detected earlier, and survival rates are improving, but this presents financial challenges. During this challenging time, a critical illness policy can help, allowing you to focus on what is important – making a full recovery - rather than worrying about how you or your family will pay the bills.


A critical illness cover is a form of insurance that provides a tax-free lump sum if you are diagnosed with a specified illness or medical condition during the policy term. For example, according to Cancer Research UK, one in two people will be diagnosed with cancer in their lifetime, and cancer survival in the UK has doubled in the last 40 years. While some may recover and return to full-time work, many will not. Those unable to return to work may need protection from loss of earnings, and their physical condition may well produce additional expenses.


With insurers paying out over 97% of all claims, critical illness cover can provide peace of mind that you don’t have to worry about your financial situation at what is already likely to be a stressful time.


You can take out a standalone cover, or you can typically add it to any life insurance policy. When you start the policy, the younger you are, the cheaper it is likely to be. We know that customers can sometimes feel that critical illness cover can be complicated and confusing, so we work closely with our providers to deliver the right breadth and level of protection to support you and your loved ones and ensure the definitions are simple to understand.


With any insurance policy, it’s essential to understand what the policy covers. Likewise, it is necessary to know what is included and what is considered an exclusion with a critical illness. However, we are here to help you completely understand all the detail and that you are matched with the right provider and cover.

Premiums range depending on your age and medical history, and we ensure your budget affordability at the off-set. There is no denying that the cover can be costlier than an equivalent life cover amount, but people are more likely to claim for it. However, many insurers also offer children’s critical illness cover at no extra charge with varying pay-outs.


There is a range of options available regarding the type of cover, the sum insured, age and medical history. In most cases, for a relatively small monthly premium, you can secure a level of support against the short to medium-term impact of serious illness. On any successful claim, it is up to you how you spend your money, whether for adaptions to your home for any needs, clearing debts or paying medical bills.


These conversations can be daunting for most of us; however, what is important is ensuring you and your family have the right level of support when you need it most, so you can concentrate on getting better. Just speak to our team, who will be happy to discuss what options are available to you.