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Do I Need Critical Illness Insurance?

Do I Need Critical Illness Insurance?

We all hope that we wont be that unlucky to develop a critical illness and it will be someone else

, unfortunately this is not always the case. It happens to the best of us and for the majority of us no one can predict it. It may be easier to weigh up the odds if there is a family background of certain types of conditions but then again it may have skipped a few generations or it may just be one of those unfortunate things.

The question that may appear is should you take out a form of protection insurance such as critical illness insurance for you and your loved ones? If you have commitments such as a family, partner, a good job, a financed car, a mortgage and even outstanding debts like credit card bills and loans, then it should certainly be a consideration within your thoughts to look at potentially taking out a form of critical illness insurance.

There are so many different illnesses that can occur and affect an individual that really potentially thinking about what you could get can be a concerning thought indeed.

For many people the thought of taking out critical illness insurance can be second to none and then for others it can be a big decision and play a role in their lives. As with individuals critical illness insurance is dependant on the person who is applying, their circumstances, medical history and family history.Do I Need Critical Illness Insurance?


When considering critical illness cover you will need to take into account if you were unable to work and bring money in how would you and your family would cope financially. Your salary will be a big chunk of the income coming in between you and your partner so if you were to become ill and it was to stop coming in how would your family survive? This is where critical illness cover might help. If you have a plan in force the benefits of the policy would be paid out in the eventuality of the insured being diagnosed with a listed critical illness. If your policy was in joint names the plan will only pay out upon the death of one individual. It does not pay out again or for another life if a claim has been made on the plan.

Once the claim has been accepted and approved for pay out by the insurance company, the money that is due will be paid directly to the policy holder if they are still alive or to the next of kin or even to the beneficiaries of the policy that may be stated in a trust agreement if there is one in force. This will be a tax free lump sum which can be used however you choose.Do I Need Critical Illness Insurance?


The payout from a critical illness policy can be used for paying a mortgage off, existing debts such as credit cards and loans. It can also be used to make the life of the person with the critical illness more comfortable by adjusting their residency to make it more accessible, comfortable and liveable dependant upon their symptoms and needs.

Really know one can tell you that you need this type of insurance, however weighing up the pros and cons can be hard. People can only advise you but ultimately the decision is left up to you. It is very difficult to save up a large amount of money with the costs of everyday living increasing and when things become difficult money can be very hard to find. This is a great reason as to why this sort of insurance can be beneficial and worth thinking about.

It really is a very personal decision as to whether you want to consider a critical illness policy, and on one can really advise you if you need it or not.

by: Mandi Pardley
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Do I Need Critical Illness Insurance? Washington