The Benefits of Critical Illness Insurance

Critical illness insurance is a long-term policy that covers serious illnesses listed within the policy that you take out. If you were to be diagnosed with one of these illnesses, the policy would pay out a tax-free, one-off sum of money to you. Critical illness insurance shouldnbt be confused with life insurance cover; they are both very different policies. The payment from your critical illness cover can help pay for your mortgage, rent, any debt you may have, and home alterations for thing such as wheelchair access, should you require it.

If you donbt have enough savings to cover you, should you become disabled or seriously ill, critical illness insurance would be a good investment for you. You might not need it if you have enough money to fall back on, and could easily cover the expenses for bills, loans, and medical costs, alongside living costs.

You can spend the money you receive however you want to, which is perfect for lingering debts, or money concerns if you canbt work any longer. There is usually a list of specific conditions and outlines, as to what constitutes as a critical illness (according to your own policy), and how to meet the criteria for a pay-out. Some illnesses arenbt covered because theybre treatable, and therefore, shouldnbt affect your quality of life for a long period of time. Other illnesses can also be excluded based on their severity, for example, a mild stroke, which you can recover from without too much strain.