Do I Need Critical Illness Cover?
If you’re contemplating taking out Life Insurance in Cardiff or revising your current policy, you might be unsure about whether to include Critical Illness Cover as well.
Critical Illness Cover offers a lump sum payment in case you are diagnosed with a severe illness that is covered by the policy.
This article will look further into this type of insurance and help you to determine whether it is a suitable option for you.
What is Critical Illness Cover in Cardiff?
Critical Illness Cover in Cardiff is a type of insurance that provides a lump sum payout when you’re diagnosed with a severe illness that falls under the policy’s coverage.
The payout amount is dependent on the level of cover you have and the extent of your illness. A few policies may also offer partial payouts for less severe illnesses.
The range of illnesses covered by the policy varies among providers, but usually will include conditions such as cancer, heart attack, stroke, and multiple sclerosis.
Certain policies may also cover other diseases or conditions, like Parkinson’s disease, kidney failure, and any major organ transplants.
Do I Need Critical Illness Cover in Cardiff?
When you are thinking about Critical Illness Cover in Cardiff, your unique circumstances and priorities will play a significant role in deciding whether it’s the most suitable choice for you.
To help make an informed decision, consider the following factors:
- Your Health: In case you have a pre-existing medical condition or a family history of severe illnesses, you might wish to explore Critical Illness Cover in Cardiff. This insurance could offer help with your finances, in the event you found yourself with a critical illness.
It is important to note, however, that some providers may exclude an illness, that you have previously had or that could be hereditary. You’ll need to discuss this with your advisor, as it is taken on a case by case basis.
- Your Lifestyle: Individuals who have high-stress jobs, take part in heavy smoking or drinking, or follow an unhealthy diet, may have an increased risk of developing severe illnesses.
If you fall into this category, Critical Illness Cover in Cardiff could offer reassurance and monetary security.
Your lifestyle will be taken into account when it comes to what is covered and your monthly premium.
- Your Financial Situation: In the event that you were to fall critically ill and unable to continue working, would you be able to cover your bills and other expenditures?
If not, taking out Critical Illness Cover in Cardiff could be a wise decision.
- Your Existing Insurance: If you have Life Insurance in Cardiff already, it’s recommended to check whether Critical Illness Cover is incorporated in your plan.
If it’s not, you might want to think about having this taken out as an additional feature.
Benefits of Critical Illness Cover in Cardiff
There are many different benefits to taking out Critical Illness Cover:
- Peace of Mind: Being aware of having a financial safeguard in place in the event of a severe illness, can offer a sense of peace and reduce stress.
- Financial Support: The lump sum payment offered by Critical Illness Cover in Cardiff can help you in managing medical bills, daily living expenses, and other expenditures linked with a severe condition.
- Flexibility: The payout received from a critical illness policy are not restricted to a specific purpose.
You have the freedom to utilise it in any way you desire, such as paying for private medical treatment, settling your mortgage, or adopting lifestyle changes that could aid in your recovery.
Just like any insurance, Critical Illness Cover also has some potential drawbacks that you should consider before purchasing it:
- Cost: If you have pre-existing medical conditions or a family history of serious illnesses, Critical Illness Cover in Cardiff may be more expensive than standard Life Insurance.
- Coverage Limitations: The illnesses that are covered under Critical Illness Cover in Cardiff may differ among insurance providers, and there could be certain restrictions or exclusions in some policies.
It’s crucial to review the policy documents carefully to comprehend what the coverage entails and any limitations that apply.
- Waiting Periods: It’s important to keep in mind that some Critical Illness Cover policies may come with a waiting period before you can make a claim.
As such, it’s crucial to be aware of any waiting periods and ensure that you have adequate savings to cover your expenses during that time.
Alternatives to Critical Illness Cover in Cardiff
If you’re unsure about whether Critical Illness Cover is the right fit for you, there are alternative options to consider:
- Income Protection Insurance: This insurance can offer a regular income in the event of an illness or injury that prevents you from working.
- Savings: While having an emergency fund or savings can offer some financial security in the event of a serious illness, it may not be sufficient to cover all the expenses.
In most situations, the payout from appropriate insurances, such as Critical Illness Cover, may exceed the amount you can save.
- Government Benefits: In the event of illness preventing you from working, you could be eligible for government benefits, including Statutory Sick Pay or Employment and Support Allowance.
How Cardiffmoneyman Can Help
If you’re still uncertain about whether Critical Illness Cover is the right choice for you, it’s wise to seek expert insurance advice from a professional protection advisor in Cardiff.
At Cardiffmoneyman, our protection advisors are well-equipped to offer advice on various insurance products, including Critical Illness Cover.
We can help you in understanding the pros and cons of different policies, and help you determine the appropriate level of coverage based on your individual circumstances.
As well as Critical Illness Cover, we can also provide insurance advice on other products like Life Insurance in Cardiff, Income Protection, and Family Income Benefit.
By assessing your current policies or recommending new ones, we can help ensure that you are well-protected in the event of unexpected events.
Our team can also offer mortgage advice in Cardiff, including buy to let mortgages in Cardiff, remortgages in Cardiff, and first time buyer mortgages in Cardiff, among others.
We can help you navigate through the various options available and locate the best mortgage deal that suits your specific requirements.
To summarise, whether you require Critical Illness Cover or not depends on your individual circumstances and priorities.
If you have a pre-existing medical condition, a high-stress job, or are concerned about your financial situation in the event of a serious illness, then it may be worth exploring this as an option.
That being said, it is important to weigh the potential benefits and drawbacks of the policy and any alternatives.
At Cardiffmoneyman, our protection advisors in Cardiff are ready to assist you in navigating the complex world of insurance and finding the most suitable protection for your needs.
Date Last Edited: December 6, 2023