The Importance of Illness Cover

When it comes to arranging our finances and personal assets it may be more important to some than others. Many people believe that unless they own a home or have a family it is unnecessary to take these measures of personal financial protection. However, for all of us young and old, making sure we are protected against unexpected circumstances in relation to our health is crucial.

What is illness cover?

Many people are unaware of what critical illness cover entails. Let us start from the beginning. What actually is illness cover? In a case where you may become unexpectedly critically ill (i.e, heart attack, stroke, cancer) your illness cover insurer will provide you with a lump sum payment. This is important as in many of these circumstances you will be unable to work which means no income. With illness cover, you can rest assured knowing that your financial obligations won’t be a worry during your illness.

Your policy will cover certain illnesses based on a predetermined list specific to your policy which is why it is advised to shop around for a plan with the best price and one that suits you. Shopping for illness cover is easy, with an abundance of online brokers available like, finding a policy that is tailored to you is simple with knowledgeable professionals on hand who can provide competitive quotes and find you suitable coverage at the best price.

Why do I need illness cover?

Most of us don’t think about the possibility of becoming critically ill. Often young people who are healthy do not think twice about potentially being diagnosed with a disease let alone making sure they are covered if the situation was to arise. Many may wonder “why do I need illness cover?”

In a situation where you may become ill and unable to work, a lump sum from your insurance company will help you to pay your mortgage, pay bills and even on certain plans pay for your spouse’s income if they are acting as your primary carer and therefore unable to work themselves. Illness cover can also be helpful to pay for medical treatments and travel expenses for treatment that is not local.

Tips for buying illness cover

Before you buy illness insurance, make sure you do your research to find out exactly what you need for your individual situation, financially and personally. Check the waiting and survival period on the policies you are looking at. The waiting period is the time between buying the plan and a disease being diagnosed, the survival period is the number of days a person survives after the disease is diagnosed and this differs depending on the policy. These are major aspects to consider when shopping for illness insurance as there are cases where a person dies before the survival period and therefore the family will not receive any payouts.

In a case where you have an existing illness, it may be more challenging to find a plan or for first-time buyers make sure you get multiple quotes before deciding on which policy to choose so you can ensure you are getting the best coverage at the lowest rate.

Illness coverage is vital and we must think of ourselves and our health as we would our home, our car and our income. They are all financial commitments that we rate as high importance to protect in case of the unexpected and we must do the same for ourselves and our health to ensure we are prepared for any challenging life obstacles that may arise and that if that instance occurs, it will be one less very important thing to worry about.

Comments are closed.