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Often, the more policies available on the market for a type of insurance, the trickier it is to navigate your options to choose the one that is just right for you, and critical illness cover is no exception to this. Understanding exactly what this insurance covers, for how long and for how much often causes confusion amongst those searching for a way to find certainty for their future. Simply put, critical illness cover is a form of insurance which pays out a tax-free lump sum in the event you are diagnosed with a specified serious illness or medical condition. With a population that’s living longer, this can mean we are more likely to suffer a serious illness at some point in our life, making critical illness cover all the more valuable. To offer some clarity, let’s look at what critical illness cover comprises of and how it can benefit you and your family in the future.

How far does critical illness cover stretch?

Each critical illness policy on the market varies, so it’s important to make sure that you know the ins and outs of what your policy covers and to what extent. Checking to see which specific illnesses and injuries are listed in your personal policy will let you establish exactly when your critical illness cover will pay out. Prime examples of circumstances that are often included in critical illness cover include strokes, heart attacks, cancers and other serious medical conditions. The certainty that critical illness cover offers doesn’t end there, if your illness or injury results in a permanent disability, often you can still be covered under your policy.

Whilst critical illness cover can be highly reassuring, it’s important to remember that your policy generally will only pay out once before coming to an end, though how you choose to spend this pay-out is up to you. That said, some insurers do offer a buy-back option. Critical illness cover is designed to help you carry on financially in your time of need. If you need treatment for a serious illness or injury or time to recover, a critical illness policy will help you to keep up with your financial obligations whilst you are away from work. The flexibility of this part of critical illness cover means you can stay on top of a range of costs and bills, including the costs of adapting your home to your health needs, clearing debt or repaying your mortgage.

Will it benefit me?

Deciding whether critical illness cover suits your situation can be a difficult task given that its purpose is to protect you from the unpredictable. However, thinking about your current situation is still relevant when choosing your critical illness cover. If you have enough savings to fall back on to pay for your future bills, mortgage repayments and medical costs, or know that your partner will be able to support you both financially if you’re unable to work, you might decide against opting for critical illness cover. It’s also worthwhile to check if you have critical illness cover included in your employment contract as a type of staff benefit. However, if you rely on state benefits, don’t have sufficient savings and are without an employee benefits package, it’s valuable to consider how you might fair financially if something were to happen to your health. More often than not, critical illness cover can be tailored to suit your individual income, allowing you to take out this policy at rates that are affordable to you.

What’s my eligibility?

When it comes to taking out critical illness cover and choosing your policy, there are a variety of factors that will be taken into consideration. Your age, smoker status, health and job are just some of the factors that can determine the cost of your monthly payments as well as your eligibility for a policy. The less high-risk your lifestyle choices are, the more eligible you will be for lower-cost critical illness cover. Once you’ve found out your eligibility, it is still key to note which areas your policy will cover in the future; it’s possible that some serious illnesses might not be covered by your policy as well as any pre-existing health problems you may have. Seeking honest and reliable guidance on this type of insurance will help you to determine exactly what your policy does and doesn’t cover, so you’re not left with any surprises.

What else should I consider?

Alongside looking at your lifestyle choices, there are plenty of other key factors that make a difference to which critical illness cover is best for you. Most insurers offer free protection for your children which is another important factor that you may want to take into consideration. This type of critical illness cover will usually be paid out as a small lump sum if your child is diagnosed with one of the illnesses specified in your policy. Lastly, it’s also worth considering your likelihood of making a claim. Interestingly, people are more likely to make a claim on a critical illness policy rather than a life insurance policy when before the age of 65. Whilst life insurance can be a more cost-effective insurance policy, critical illness cover could prove invaluable if you end up struggling to make ends meet.

At Protectus Healthcare, we understand the importance of protecting your health and financial future, that’s why we offer honest and reliable health insurance guidance, so you know exactly what you’re covered for. Get in touch and let us find the critical illness cover that suits your individual needs.