How Much Critical Illness Cover Do I Need?

Critical Illness Cover is an insurance policy that provides a lump sum payment if you are
diagnosed with a serious illness covered by the policy. This type of cover can help alleviate
financial burdens during challenging times, allowing you to focus on recovery without the
stress of financial concerns.

Whether you need Critical Illness Cover depends on your particular financial situation and
your personal circumstances. It can be beneficial if you have dependents and significant
financial obligations. Those with a family may also find this cover especially valuable.

The cost of critical illness cover can vary widely based on serval factors, including:
● Age: Younger individuals typically pay lower premiums.
● Health Status: Pre-existing conditions or health risks can increase costs.
● Coverage Amount: Higher coverage amounts can lead to higher premiums.
● Policy Type: Different insurers may offer varying plans and benefits.
● Duration of Cover: Shorter-term policies may be cheaper than lifelong cover.
Premiums are typically paid on a monthly basis and our Critical Illness Cover specialists will
be happy to discuss cover and premiums tailored to your needs.

Different policies can vary and you should check they cover you for serious conditions, such
as:
● Heart attacks
● Stroke
● Certain types of cancer
● Organ transplants
● Multiple sclerosis
Our Critical Illness Cover specialists will be happy to discuss cover for these and a wide
range of other illnesses that can significantly impact your ability to work and earn income.

Determining the right amount of Critical Illness Cover involves assessing your financial
obligations, including debts, living expenses and any additional costs that might arise from
an illness, such as medical or care expenses. Such calculations will help inform how much
replacement income you may need if you couldn’t work.
Consulting with one of our specialist financial advisers can help tailor the cover to your
needs, ensuring financial peace of mind through the changing circumstances of your life.

Choosing insufficient cover can leave you vulnerable during a critical illness. If your payout
doesn’t cover your debts and your family’s living expenses, you may find yourself in a
precarious financial situation. It’s crucial to strike a balance between affordability and
adequate coverage to ensure you protect yourself and loved ones.