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5 Things To Think About Before Setting Up Critical Illness Insurance.

Updated: Jan 23, 2023


When it comes to the topic of critical illness insurance, a lot of people are put off by this particular topic of conversation and push it to the back of their mind or worse forget about it all together. Maybe this is because a lot of people don't fully understand what is included or what it's all about. In this post we have narrow this down to the Top 5 Things To Think About Before Setting Up Critical Illness Insurance.

- Did You Know? You Are 4-5 times more likely to contract a critical illness than die before the age of 65 -


1. Consider your current and future financial needs. How much coverage do you need to protect your family in the event of a critical illness? Life changing injuries or critical illness can cause a huge strain on yourself and your family if you are unable to work. Critical Illness insurance is designed to pay out a lump sum once diagnosed with a covered illness, condition or disability.

2. Research different types of policies and compare the coverage and cost of each. Make sure you understand how each policy works and what it covers. There is no such thing as a "one-size fits all" when it comes to insurance. Each company will have a different policy, different terms and conditions and a different price. Make sure you thoroughly understand what each provider covers and the cost of this before signing up.

3. Critical illness payout is NOT taxable - Whenever you have to receive a Critical Illness payout this is NOT seen as an income as you haven't earned this money. Instead its almost seen as compensation for the money you would have lost from not being able to work. As you pay monthly and the premiums, as far as the taxman is concerned, this money has already been taxed when you received your salary.

4. Talk to an insurance professional to get advice on which policy is best for your needs. - Here at Your Choice Cover we never offer the first policy that is applicable to you (unless you only qualify for one), each call is tailor made to fit your needs and one of our advisers will be with you ever step of the way, making sure you leave the call as happy with your policy as can be. Contact us here today to find out more.

5. Consider the overall cost of the policy and make sure it fits within your budget. - This goes without saying. Every person has a different budget, so make sure the one that is quoted fits into yours. Even better think about how much you can afford each month and let the advisor know at the beginning of the phone call.

For more information like this make sure you read our other article here. Also, Follow us across our multiple social media channels so you never miss out on financial service information that could protect you and your family.

To get your Critical Illness insurance quote today and contact our friendly adviser team here. Or call us on: 0333 188 7617

Your Choice Cover

12 Celtic Trade Park, Bruce Road Fforestfach, Swansea, SA5 4EP

Phone: 0333 188 7617


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