Critical illness insurance pays out a lump sum of benefits should you become diagnosed with a
serious or critical illness. The sum of money is income tax free. You can get illness insurance for most illnesses, but
one policy does not necessarily cover them all, and your insurance provider will define which illnesses are covered. Common illnesses covered are: Cancer, Multiple Sclerosis and Heart Attacks.
Before getting CI insurance, you should try to estimate how much money you would lose if you fell ill. Think about if you suffer a disability that prevents you from working for the rest of your life –
How much will it cost to live without income? Will you need to pay for a care worker? How much will it cost to modify your home should it require it? How much will medical expenses come to?
You should be careful to check the wording of your contract. It might be an option to seek advice from an
independent financial advisor. You could ask them if they feel you should take out protection on the plan and whether they feel you should take out other medical coverage.
