Do you need insurance for illness cover?

As nobody can predict the future, you can never be sure that you or your family won’t experience a serious illness or injury. Insurance for illness cover provides you with an important financial buffer should you fall ill and find that you are unable to work. We look at how this insurance works and what you need to consider.

According to a survey by Beagle Street, many young adults are ill-informed about insurance. An astonishing 53% of 18-40 years olds did not understand the purpose of critical illness cover. More alarmingly, 29% did not even know what this type of policy was. However, once critical illness insurance was explained to this group, 4 out of 5 said they would consider getting cover.

This lack of awareness may be due to the general taboo surrounding death and illness. 21% of people responding to the above survey did not want to think about what their loved ones would do if they became unwell. According to this research, if young adults were to take out cover, then it would be mainly for their own peace of mind. However, if you have a family, critical illness insurance could enable you to pay your mortgage and household bills.

How does critical illness insurance work?

Critical illness provides a lump sum benefit in the event of a critical illness being diagnosed which is covered under the policy. In comparison, an income protection policy pays out a monthly income to protect your income if you or your partner are unable to work due to sickness or injury.

There is a specific list of serious illnesses and medical conditions that are covered by critical illness insurance. These include stroke, heart attack, certain types and stages of cancer, major organ transplant, Parkinson’s disease, Alzheimer’s disease, and more. However, this type of policy doesn’t cover every illness, so always check with your insurance adviser.

Critical illness cover could provide you and your family with a much-needed financial buffer if you or your partner were unable to work. This type of insurance will help you to pay bills and alleviate any finance-related stress, so you can focus on your recovery. If you have children, it is advisable to consider taking out a critical insurance policy.

Get critical illness cover

Insurance policies are often one of the first things people consider stopping when they feel tempted to cut costs. However, the true cost of not having critical illness insurance could result in you not being able to support your family financially.

At Bubble Finance Hub, our insurance advisers can explain how this type of cover works. We will talk you through the list of serious illnesses, health conditions and injuries that are covered. Our team will find the right critical illness policy for you at a cost you’re happy with. We will also explain any terms and conditions that might affect you or your partner.

For advice on critical illness insurance, please get in touch to book an appointment.

As with all insurance policies, conditions and exclusions will apply.

Thank you for reading our blog, Are you coming to the end of your mortgage term?

Bubble Finance Hub