Why should I consider Critical Illness Cover? by NWFS


Most people recognise that it is a good idea to have some form of life assurance to protect their family and loved ones if they should die prematurely.

But what about if you were to suffer a serious illness and survive?

Most people believe that these types of situation will never happen to them, in fact some insurers refer to this as the ‘Superman Syndrome’, however the reality is somewhat different.

It is estimated that a third of the population, will suffer a heart attack, cancer, or some other form of critical illness before reaching age 65. Approximately 40% of people will be diagnosed with Cancer sometime in their life.

Diagnosis of something serious can have a devastating effect on a family or business, and the implications can be far reaching. The bills will continue to come in, while the income from employment or business may not. It may also be some time before the affected individual can return to their main employment. In some cases, where a job is particularly stressful, or involves heavy manual work, a return may not be possible at all.

Income replacement can help in this situation; however Critical Illness Protection will provide a lump sum pay out upon diagnosis of a major illness, which can be beneficial in helping to pay for adapting a home, repaying a mortgage or a business loan or providing cash to pay essential bills or suppliers.

The main benefit of a Critical illness policy over an income replacement plan, is that you can specify the amount of cover you need, rather than having it linked to income.

Many people are diagnosed with Critical Illnesses, but go on to make a full recovery, but providing the diagnosis meets the specified definition of the condition, payment will still be made.

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