You will probably already know lots of people that have been diagnosed with a critical illness at some stage in their lives, often while they are still of working age. For this reason critical illness insurance is a good idea.
The first question you need to ask yourself when thinking about whether or not you need critical illness cover is 'would you have had enough savings in the bank to pay off all of your outstanding debts and to cope with any extra capital costs that you might incur had you been diagnosed with a critical illness yesterday?'
If the answer is no, critical illness insurance is likely to be a good idea for you.
In the event of you or your partner falling seriously ill, some of the capital expenses you might have to contend with could include:
And all of these costs would be on top of your normal daily living expenses.
Without the right financial provision, being diagnosed with a critical illness could be financially disastrous for you and your family at a time when you would have much to deal with already.
Relying solely on state benefits could prove dangerous as these are designed as little more than a safety net.
If you believe that you would be able to cover all of the potential capital costs that you might incur if diagnosed with a critical illness out of your existing savings, then critical illness insurance may be unnecessary. However, if you have any doubt, you should explore this type of cover further.
To research your critical illness position further you can use our exclusive interactive research tool, the critical illness finance navigator.
