Why should I consider buying critical illness cover?

What is critical illness cover?

Critical illness cover is a type of insurance that covers critical illnesses. The insurance company will pay out in the event of the policy holder being diagnosed with a serious illness or permanent disability, and the money can work to cover the costs of treatment or living costs. There are different critical illness policies and they provide varying levels of cover. As a general rule, the more you pay the more comprehensive the cover, but this is not always the case so it is worth shopping around and comparing policies.

How does critical illness cover work?

Critical illness insurance covers the cost of bills accrued after you are diagnosed with one of the illnesses covered by the policy (insurable illnesses vary according to the policy and insurance provider). Most plans have a period of time between taking out the policy and the cover starting. For example, if an individual takes out a policy and is then diagnosed with an illness the day after they probably won’t be covered. Some illnesses are covered by all policies, while others will only be covered by certain insurance companies, so it is important to read the details of your policy carefully before you make a claim and make sure the illness you have is covered by your policy.

Critical illness cover is available from just a few pounds each month and you can choose from basic, intermediate or comprehensive packages, and some providers offer critical illness cover with life insurance.

What are the benefits of critical illness cover?

Critical illness cover is a source of funding for medical treatment, in addition to helping out with childcare costs and other household bills, in the event a diagnosis of a serious illness or disability. Critical illness cover protects dependents and family members, on top of offering you equanimity, so you don’t have to fret about keeping up with payments on top of health concerns. If your spouse or children would struggle financially in the event of you becoming ill, it is beneficial to think about organising critical illness cover.

Finding out about critical illness cover

There are many different policies available and this can make it difficult to choose the right policy. However, there are ways of making the process of finding a policy easier and this includes getting quotes from different companies and using online comparison sites to compare prices and levels of cover. You can also customise your policy to suit your needs.

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