In our fast-paced lives, it’s all too easy to become complacent that we will tick along as we’ve always done. Becoming ill or being diagnosed with a life-threatening condition isn’t something we like to consider and yet it happens. Many of us will know family members, friends or colleagues who have had to take time off due to illness or needing treatment and yet it’s still something we just hope won’t be on the cards for ourselves.

Should the worse happen, the last thing you’ll need to be worrying about is where the money is coming from for bills, usual household expenditure and any extra costs needed on the road to recovery. This is where having critical illness cover is crucial.

Every year, 1m workers in the UK unexpectedly find themselves unable to work because of injury or illness, according to the Association of British Insurers (ABI) (2015).

Should you become ill with a serious condition, having this type of cover can be a lifeline in providing a steady wage for the period of time that you’re unable to work. The tax-free lump sum can be used in any way you wish so if you should need to pay for treatment or to adapt your home to new circumstances, the choice is yours. Employment and Support Allowance ranges from around £70 to just over £100 a week, depending on your circumstances and the seriousness of your illness or disability.

According to The Money Advice Service, you should look at getting critical illness cover if:

  • You don’t have enough savings to tide you over if you become seriously ill or disabled.
  • You don’t have an employee benefits package to cover a longer time off work due to sickness.

When taking out Critical Illness cover it’s important to be honest about your current situation. Your health, weight and medical history will be taken into account as will your current job and associated risk factors. Critical Illness cover is usually taken out for a set period and a set sum insured. Insurance policies will have a list of conditions that qualify and will assess the severity of the illness, should the worse happen. Premiums can be fixed or reviewable. Many companies will also offer life insurance, which may be cheaper if taken alongside the Critical Illness cover. Some of the conditions covered include:

  • Cancer.
  • Heart Attack.
  • Stroke.
  • Parkinson’s Disease.
  • Alzheimer’s.
  • Major Head Trauma.
  • Heart Valve Replacement.
  • Chronic Liver Disease.
  • Kidney Failure.
  • Loss of Hearing/Speech/Sight.

If navigating your way through the options seems confusing,  discuss your options with one of our advisors, please call us on – 01483 930390 or email: hello@covertree.co.uk

Discuss your options