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What is critical illness cover, and do you need it?

Critical illness cover as a part of your mortgage is something all mortgage holders should consider. Whether you’re just about to discuss taking a mortgage out with your broker, or you’re already paying your mortgage, it’s something that you should be seriously thinking about. 

What is critical illness cover?

Critical illness cover is designed to help protect you in the event that you become seriously ill. If you suffer from a condition stated on your coverage, you could get a lump sum or regular payout depending on the nature of your policy. This could be used to help you to cover your weekly bills and expenses or go towards paying off your mortgage while you recover. Certain conditions may even lead to the mortgage being completely paid off. 

What conditions are covered?

There is no simple answer, as this varies from policy to policy. What is essential is that you thoroughly discuss the conditions that will be covered with your insurance broker and that you read every word of the fine print that comes as a part of your policy documentation. Remember that you will only be liable to qualify for payments if you develop a condition that is explicitly covered as a part of the policy. 

Many common health problems such as heart attacks, strokes, and certain forms of cancers will likely be covered as a part of the policy. As well as any debilitating issues like paralysis, which may affect your ability to earn a living.

Is critical illness cover right for you?

It’s ultimately a question only you can answer, but for many people critical illness cover can offer invaluable assistance in the time it’s most needed. Honestly assess your health and your current financial situation. Think about how you would continue living your life and managing your commitments if you came down with a serious illness. It’s important to remember that nobody is immune, and critical conditions can strike in the blink of an eye. 

Whether or not the coverage turns out to be suitable, it’s wise to at least discuss the options that are open to you.

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