Should I take out critical illness cover?

Whether or not you should take out critical illness cover depends on your circumstances and priorities. Critical illness cover is designed to provide financial support in case you are diagnosed with a critical illness such as a heart attack, stroke or a cancer for example that prevents you from working and earning an income. The policy pays out a lump sum of money that can be used to cover medical expenses, mortgage payments, or other living expenses.

Here are some factors to consider when deciding whether or not to take out critical illness cover:

1. Your current health status: If you have a pre-existing medical condition, you may be more likely to benefit from critical illness cover. It’s important to read the policy terms carefully to see if any pre-existing conditions are excluded from coverage.
2. Your financial situation: If you have a large mortgage or other significant financial obligations, critical illness cover could provide important financial support if you were unable to work due to a serious illness.
3. Your level of risk tolerance: If you are risk-averse and want to protect your financial future against the possibility of a serious illness, critical illness cover could give you peace of mind.
4. Your overall insurance coverage: If you already have life insurance or other types of insurance that provide financial support in the case of illness or injury, you may not need critical illness cover.

Ultimately, the decision to take out critical illness cover should be based on your individual circumstances, priorities, and risk tolerance.

It may be helpful to speak with one of our protection advisers to discuss your options and determine if critical illness cover is a good fit for you.