Not everybody will become critically ill in their lifetime. It is natural to assume that it may never happen to you. It is well worth thinking about, however, because being diagnosed with a critical illness could cripple your family’s finances. If you are the main earner in your household and you become unable to work, you and your family will still need to meet all your monetary obligations – for example your mortgage and childcare costs.
- The individual insurer. If you have life insurance you may be able to combine it with critical illness cover. This may not necessarily be cheaper than buying a new policy, so make sure you know what’s out there.
- What you want to be covered for. In some cases, the more illnesses a policy covers, the more expensive it will be. It is important to choose a policy that includes a range of illnesses that could affect you. It may not make financial sense, however, to buy a policy that covers hundreds of illnesses you probably won’t be at risk from.
- How much you want the insurer to pay out if you become critically ill. If you want a very large amount of money you will usually have to pay more per month.
- Individual factors such as your age, gender, occupation and medical history. Having a job that is considered dangerous could increase the amount you pay, for example.