What is covered by critical illness insurance?
Not all conditions will be covered by this kind of policy, and the policy will also state how serious the medical condition or injury must be. What is
covered will also vary between policies.
Examples of what is most commonly covered include:
- Heart attack
- Cancer - certain types and stages
- Long-term illnesses such as multiple sclerosis
Why take out critical illness insurance
Critical illness insurance isn’t necessarily always a requirement - although many mortgage providers require that you take out a policy before a mortgage
can be approved - but it can be incredibly beneficial when planning for the unexpected.
If something were to happen that meant you were unable to work, benefits and savings may not be enough to replace that lost form of income. The types and
amount of allowance and benefits available can vary depending on your eligibility, your circumstances, and the seriousness of the illness or injury.
Critical illness insurance can therefore by incredibly beneficial if you don’t have enough savings to cover rent, mortgage and bills, or if your place
of employment doesn’t include sick payments to cover long periods off work.