This article aims to help you decide whether or not adding critical illness cover to your life insurance policy would be a good idea. It is aimed at you having already prior knowledge of this type of insurance and hopefully by the end of the article you will have a better idea and will be able to weight up if this is the right choice for you.
To begin with, everyone who has a life insurance policy will be aware of the fact that their loved ones be on the receiving end of a cash payment if you should unfortunately die. The majority of people who take this kind of policy are the ones who are looking for peace of mind knowing that their relatives will cope financially after they are gone.
This is a huge step for someone to undertake and if you have already got a life insurance policy then you owe it to yourself to give yourself a pat on the back, it is a huge and mature step to take and your loved ones will appreciate it after you have left this world.
With that being said, there are more likely chances that an individual such as yourself suffering or be diagnosed with a critical illness before death. This is down to a number of reasons but more likely due to the incredible progress made in today’s modern medicine in which we can now survive most illness and disease that may have finished us in years gone by.
Knowing this will make you understand that your life insurance will not be able to help you as your loved ones only receive the lump sum after you have passed away. Critical illness cover however will give a payout to those that are officially diagnosed with a serious illness (predefined by yourself and the insurance company).
Again, the benefit to this will be more peace of mind knowing that there will be money available if you were to ever be in a situation where illness meant that you could not work. The money from the critical cover would assist in any lost earnings.
As was mentioned previously, usually the predefined illnesses that are covered in these types of insurance policies are agreed on by both the policy holder and the company issuing the insurance. Most companies will agree to cover you on illnesses and conditions such as heart attack, problematic kidneys, transplant of organs, MS, strokes & cancer.
Those are the standard ones, however you are more than able to cover other conditions, usually this will come at a higher premium for you the policy holder.
I hope now that you understand what critical illness cover can assist you with you are able to decide if it is something that you think would be a good idea to get.
By: Jackie McKenzie