Critical Illness Insurance (often called critical illness cover) is an insurance policy that provides you or your chosen beneficiary with a tax-free, lump sum payment if you are diagnosed with a critical illness.
Benefits of Critical Illness Cover
Having a back-up plan if things go wrong is what all organised people tend to do. If you go travelling you perhaps take a copy of your passport just in case you lose it, or you might have breakdown cover because you drive a lot.
Needless to say, the back-up plan is about making life easier and that’s what critical illness cover can do should things not quite turn out according to plan.
It is a sad fact of life that people do get critical illnesses, which is a devastating blow to the dreams you may have planned for you and your loved ones. However, as stressful as the situation is, your life changes.
You may not be able to work and should you pass away, your loved ones could potentially experience financial hardships, as well as the loss of a precious person.
Therefore, critical illness cover offers you a way to cope and to continue to protect those most precious to you even when you are gone and it is often a very small price to pay for peace of mind.
How you can get critical illness insurance
There are a number of ways to buy critical illness insurance. In fact, you can buy it from many supermarkets these days, but that is not always the most cost-effective way of doing it.
Therefore, it can be useful to utilise life insurance comparison websites instead, as they offer life insurance from all of the major insurers but usually at a reduced cost, saving you a lot of money.