Is Critical Illness Insurance worth it?

We have just had our first child and have woken up to the fact I have no protection currently should something happen to me. I am weighing up my options and it seems as if critical illness cover will cover me if something serious were to happen, is this the best option?

Question asked by Sarah Whiting
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Answered by Andrew Jenkinson

Firstly congratulations.

Having a child is one of those key lifestyle events when we reflect on where we are with our finances and recognise more often than not that we are under protected.

What is critical illness cover?

Critical illness insurance will pay you a cash lump sum should you suffer a serious one of over 40 serious illnesses with the most common being cancer, heart attack and stroke.

Although critical illness covers a wide range of serious illnesses it doesn’t align as well as income protection when it comes to protecting the biggest risks your typical working adult faces.

Income protection over critical illness insurance?

If you are completely unprotected currently the first protection policy to consider is income protection insurance, rather than paying a lump sum if you suffer a serious illness it will simply replace up to 70% of your gross income should you suffer an accident or sickness which renders you unable to do your current job role.

For most working adults income protection is far more appropriate to protect their finances as there are many more conditions than the 40 or so covered on a critical illness policy that can see you out of work and unable to earn an income for months or years.

Lets say you fell down the stairs and really hurt your back which left you unable to work for 6 months. In this scenario a critical illness policy would not pay out, however an income protection policy will have paid you out a monthly income for the time you were out of work to pay your bills and maintain your lifestyle.

This becomes even more important for those who are self-employed as there is no employer to fall back on and rely on a period of sick pay.

Get a quote or need help? 

For our full guide on whether or not it is worth considering critical illness cover click here →

If you would like to compare the best 10 critical illness insurers click here else if you would like to speak to one of our insurance experts please do not hesitate to give us a call on 0208 432 7333.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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