Do I Need Critical Illness Cover?

If you’re considering taking out Life Insurance or reviewing your existing policy, you may be wondering whether you need Critical Illness Cover.

This type of insurance provides a lump sum payout if you are diagnosed with a serious illness that is covered by the policy.

In this article, we’ll take a closer look at this type of insurance and help you determine whether it’s something that could be right for you. 

What is Critical Illness Cover?

Critical Illness Cover is a type of insurance that pays out a lump sum if you are diagnosed with a serious illness that is covered by the policy.

The amount of the payout will depend on the level of cover you have and the severity of your illness. Some policies also offer partial payouts for less severe illnesses.

The illnesses covered vary between providers, but typically include conditions such as cancer, heart attack, stroke, and multiple sclerosis.

Some policies may also cover other conditions such as Parkinson’s disease, kidney failure, and major organ transplants. 

Do I Need Critical Illness Cover?

The decision to take out Critical Illness Cover will depend on your individual circumstances and priorities. Here are some factors to consider:

Benefits of Critical Illness Cover

There are several benefits to taking out this type of cover: 


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Potential Drawbacks

As with any type of insurance, there are some potential drawbacks to consider when taking out Critical Illness Cover:

Alternatives to Critical Illness Cover

If you’re not sure whether Critical Illness Cover is the right choice for you, there are some alternatives to consider: 

How UK Moneyman Can Help

If you’re still unsure about whether this is the right type of cover for you, it’s a good idea to seek insurance advice from a professional protection advisor.

At UK Moneyman, we can provide our customers with expert insurance advice on a range of insurance products, including Critical Illness Cover.

Our protection advisors can help you understand the benefits and drawbacks of different policies and help you choose the right level of cover to suit your individual circumstances.

We can also provide insurance advice on other types of insurance, such as Life Insurance, Income Protection, and Family Income Benefit.

By reviewing your existing policies or recommending new ones, we can help ensure that you have the financial protection you need in case of unexpected events.

In addition to insurance advice, our protection advisors can also provide mortgage advice, including buy to let mortgages, remortgages, and first time buyer mortgages, to name a few.

We can help you understand the different options available and find the best mortgage deal to suit your needs.

In conclusion, whether or not you need Critical Illness Cover will depend on your individual circumstances and priorities.

If you have a pre-existing medical condition, a high-stress job, or are concerned about your financial situation in case of a serious illness, it could be worth looking at this as a potential option for you.

That being said, it’s important to carefully consider the potential benefits and drawbacks of the policy, as well as any alternatives.

At UK Moneyman, we can help you navigate the complex world of insurance and find the right protection for your needs. 

Last Edited 15/02/2023

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