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Life can be incredibly unpredictable. Sometimes, regardless of how careful you’ve been, you wind up in an accident or contract a severe illness. Even if you perform your due diligence to ensure you don’t fall into such circumstances, they can still occur. These situations are often costly and can have lasting effects on your health and finances, making insurance a necessity. 

Policies like critical illness cover can reduce the financial strain on you and your family if you fall sick. Medical expenses are known to skyrocket when treating an acute illness, and they can affect anyone at any age and of different lifestyles. Although most people understand how crucial a life cover is, they often overlook any protection for getting diagnosed with a critical illness. 

Here are three reasons you need critical illness cover no matter your health or situation:

1. It Relieves Some Financial Burden

Some medical conditions or illnesses are known to strike without any warning. There are cases of otherwise healthy people falling sick due to a sudden heart attack or a stroke. According to Cancer Research UK, one in two people in the UK will develop a form of cancer during their lifetime[1]. These cases can often be fatal or lead to a lower quality of life that is expensive to maintain. 

In many cases, a critically ill person is unable to work. Lacking access to enough money for appropriate medical treatment can cause the patient undue stress, making them fall sicker. Although the priority is to focus on getting better, they’ll likely worry about paying for the treatments. 

These reasons are why critical illness cover is essential. It helps relieve some financial burden of medical treatments, especially when some of your income goes into supporting your family. 

2. It Offers Financial Security During Challenging Times

It’s easy to think that you’ll never fall critically ill, especially if you live a healthy lifestyle. However, it’s important to be aware that diseases can strike anyone. You also likely know someone that unexpectedly fell sick and experienced financial difficulties as a result.

Fortunately, critical illness cover offers financial security at a crucial time. If you fall sick and you need to quit your job to recover, you can use the critical illness cover to pay your mortgage, rent, or bills. You won’t need to worry about having access to your necessities, as you’ll still have some sort of income to survive on thanks to this. 

Critical illness cover will also tide you over while you are unable to return to work. You can also use it to modify your home or provide therapeutic care to aid in your recovery. This insurance helps you prepare for the worst while offering you much-needed peace of mind. 

3. It Provides a Tax-Free Lump Sum

Another benefit to critical illness cover is that it is designed to pay you a tax-free lump sum. Although this is dependent on the diagnosis of specific life-threatening or debilitating conditions, it offers you extra cash in the time you need it the most. Some of these conditions include heart attacks, multiple sclerosis, strokes, and certain types or stages of cancer.

You’ll want to look into a more comprehensive critical illness cover, as it covers several more severe conditions. If you lose your sight, hearing, or have a permanent disability that hinders you from working, the policy will protect you. Some policies also cover the loss of limbs. To find out what is covered, make sure you consult a financial adviser in Cardiff.

Conclusion 

Falling ill can take a massive toll on your health, finances, and overall quality of life. While you’re recovering from these diseases or conditions, you’ll need enough time to rest and recuperate, which means you won’t be able to work. Critical illness coverage supplies much-needed assistance to cover medical expenses or to support your necessities during a challenging time. For these reasons, critical illness cover is a necessity. It also provides peace of mind that is simply priceless.

At Harry Robinson Wealth Management, we aim to provide a better future for your family, finances and business in Cardiff by making wealth management accessible and straightforward. Whether it’s financial planning, investments, retirement, life insurance policies or other forms of protection, we can guide you towards financial stability. Get in touch with us today to see how we can help.

1. Cancer Research UK. https://www.cancerresearchuk.org/about-us/cancer-news/press-release/2015-02-04-1-in-2-people-in-the-uk-will-get-cancer. Accessed on 01 October 2020. 

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