How much critical illness cover do I need?
Summary: Everyone’s circumstances are different so your cover should reflect your needs. Consider the costs that you would need to cover if you were to be diagnosed with a serious condition and are unable to work for an extended period.
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How much critical illness cover do I need?
Everyone’s circumstances are different so your cover should reflect your needs. Consider the costs that you would need to cover if you were to be diagnosed with a serious condition and are unable to work for an extended period. This might be your mortgage or rent payments, monthly bills, childcare or food shopping.
Critical illness cover can payout up to £300,000 depending on your age, giving you flexibility and control. It’s important to work out what you’d like your payout to be, to avoid paying too much in premiums.
What’s the right amount of critical illness cover for me?
If you were to become critically ill, you may want to consider costs and expenses that you may need to cover such as:
- Mortgage and rent payments
- Monthly bills
- Childcare
- Medical appointments
- Specialist equipment and adaptations
- Care costs
If you become unwell, you could also suffer a loss of income if your condition makes you unable to work. The lump sum from your critical illness payout can help cover these situations. However, it’s important to remember that over-insuring for more than you need could raise your premiums unnecessarily.
How you spend your payout is completely up to you, there are no restrictions. You could even go on the holiday of a lifetime to thank your loved ones for being there when you need them.
Our UK based team of experts are available to support you with any queries. Call our help centre free on 0800 048 0480 and they’ll be happy to help.
Child critical illness cover
At Beagle Street, when you take out child critical illness cover and your child becomes critically ill, you can receive either 25% of your critical illness policy or £25,000, whichever is lower.
Similar to critical illness cover, when working out how much child critical illness cover you need, consider things like care and medical costs, travel, and lifestyle change but ultimately, your critical illness policy will determine how much child critical illness you can receive.