Is Critical Illness worth it?
Critical illness cover can help support you and your family if you were diagnosed with a serious condition such as cancer, heart attack, stroke, or any of the conditions listed in our Policy Terms and Conditions but not pre-existing medical conditions. At Beagle Street we offer both life insurance and critical illness cover so that you can protect your loved ones, whatever should happen.
Critical illness cover can help with additional costs that might arise if you were diagnosed with a critical illness. These costs could include medical expenses, time off work for recovery, equipment, and changes made to your home and lifestyle. A pay-out of critical illness cover can allow you to focus on your recovery, without the added stress of financial worries.
Unfortunately, serious conditions such as cancer are becoming more common for UK residents. 1 in 2 people in the UK will be diagnosed with cancer in their lifetime (Cancer Research UK) which means that critical illness cover can provide not only financial support, but peace of mind that you and your loved ones will be protected and supported, whatever might happen.
As with life insurance, you can get cover at any time. People often take out critical illness cover during important changes in their lives such as purchasing a house, getting married or having children.
Cost of critical illness cover
Critical illness cover is an add-on product that you can add to your existing life insurance policy. Including critical illness cover on your policy will mean an increase in the cost of your monthly premiums.
How much critical illness cover you will need
When planning for the risk of becoming critically ill, you may need to consider covering the following expenses:
- Mortgage and rental payments
- Household bills
- Childcare
- Medical appointments
- Specialist equipment and adaptations
- Care costs
If you become unwell, you could also suffer a loss of income if you are unable to work due to your health issues. The lump sum from your critical illness payout can help cover these situations and allow you to focus solely on your health and wellbeing without additional stress for both you and your loved ones. However, it is important to remember that over-insuring for more than you need could result in paying higher premiums on a monthly basis. 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.
How child critical illness cover can support your family.
In addition to critical illness cover, we also offer child critical illness cover to protect your current and future children. It is not a standalone product, so you need to add it onto your critical illness cover as a parent or guardian.
Child critical illness cover pays out a lump sum if any of your children are diagnosed with a serious condition. The amount of cover we can offer is 25% of your critical illness cover up to a maximum of £25,000. This would have no impact on your life insurance policy, and you would still receive the full sum if you were to pass away.
If your child should fall ill with a critical illness, you may need or want to take time off work to care for them or need extra funds for treatment or equipment. You may also want to use the payout on holidays or experiences for your child to support them emotionally through this time.
