Why Should You Give Some Serious Thought To Taking Out Critical Illness Insuranc

Posted by Liz Seyi on January 13th, 2022

All too often in life, many of us think that certain terrible events couldn’t possibly happen to us... right up until the moment they do. Consider, for instance, what the implications would be for you if you were suddenly diagnosed with a serious illness such as cancer, a heart attack or stroke. What would the impact be on your finances, and would you be able to deal with that?

It is perhaps no great surprise, then, that there seems to have been an increasing conversation about critical illness cover - and similar protection products - in recent times.

The idea behind critical illness insurance is pretty simple. Subject to the particular terms of the policy you buy, it means that in the event of you suffering from a serious illness or a permanent disability caused by injury, you can be paid a one-off tax-free lump sum.

You would then be free to use that money whatever way you want. Given what critical illness cover is designed for, many policyholders - in practice - use their payment for essential expenses, such as to continue paying off their mortgage while they might have been forced off work and therefore don’t have money coming in from elsewhere.

“But am I really likely to need critical illness cover?”

This is an understandable question. You might think to yourself that life expectancy these days is pretty much as high as it has ever been, and that medical treatments have never been as advanced as they are now. You may also reason with yourself that you have decent savings, so again, would critical illness insurance really be worth the purchase for you?

Before you decide, it is worth bearing in mind the statistics. According to Cancer Research UK, for instance, half of us will get cancer at some point in our lives. And if you ask the British Heart Foundation, they will tell you that some 7.6 million people in the UK are presently living with heart and circulatory diseases.

Other data, as reported on by the Evening Standard, has shown that while a 40-year-old man who is a non-smoker has a 3% likelihood of dying before he reaches the age of 65, he has a 14% chance of getting a critical illness. While a healthy lifestyle could help you drive down the chances of either happening to you, there is no way to completely eliminate the risk.

We make it easy for you to select the best-suited protection insurance

There is plenty of reason, then, to give critical illness cover major consideration, especially as you get older (and it’s worth bearing in mind that the asking price for your cover at the stage you buy it will likely go up with age - so, it might be best to take out a policy sooner rather than later).

However, purchasing a critical illness insurance policy that represents a poor match to your requirements could be just as useless as not having this type of cover in place at all. This is why you might want to contact one of our advisors when you are interested in this type of protection cover, so that you can be confident of making only the most informed choice.

We can introduce you to some of the best specialist intermediaries out there, while ensuring you benefit from the most personalised all-round service and the most competitive quotes for critical illness cover. Don’t forget that we can also match you to great combined protection insurance policies, to help give you even greater peace of mind!


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Liz Seyi

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Liz Seyi
Joined: August 13th, 2019
Articles Posted: 1,445

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