Critical illness cover supports you financially if you’re diagnosed with one of the conditions included in the policy.
The tax-free, one-off payment helps pay for your treatment, mortgage, rent or changes to your home, such as wheelchair access, should you need it
When do you need it?
- If you’re unable to work due to a serious illness, you might assume that your employer will continue to give you some level of income, or that you’ll be able to rely on benefit payments.
- In reality, however, employees are usually moved onto Statutory Sick Pay within six months. State benefits might not be enough to replace your income if you’re no longer able to work.
- If you qualify, Employment and Support Allowance ranges from £74.70 a week to a maximum of £113.55 a week (2021/22 figures).
Consider getting critical illness cover if:
- You and your family depend heavily on your income
- You don’t have enough savings to tide you over if you become seriously ill or disabled
- You don’t have an employee benefits package to cover a longer time off work due to sickness.
