Some insurance has to be taken out for example if you drive a car or ride a bike, you need such insurance to protect yourself if you were to damage someone’s car or bike maybe but then it is also possible to take a full comprehensive plan where you also insure any damages to your own. Therefore why would not consider protecting yourself if you became ill. Many people can carry on with their life and not think of the consequences and they me fortunate to never suffer an illness which would leave them critically ill or then dependent on others to help them live a normal life.
Accidents can happen to anyone at anytime, and we would not be able stop it from occurring, if it is going to happen it will. Therefore this begs the question is it worth paying a certain amount of money every month in order to protect ourselves and give us the financial protection if needed. How much do you love your family, is your family able to cope if you were not able to do what you previously managed and therefore bring an income into the household to pay for the necessary living costs.
Critical illness cover is not a cost which everyone can afford however no matter what your budget an insurance adviser may be able to find you a certain level of cover to suit your budget. The minimum spend is different from each provider and the typical spend is about five pound per month, however this is not the case for everyone and this would certainly not guarantee you a sum assured which might cover your liabilities, however it may be a sum assured which would help you live or pay for a number of bills for a short period of time.
If you are the sole earner in the household you may consider insuring yourself before you look at insuring your partner perhaps, ideally you would want to be able to consider insurance for the both of you however if the money is not available then you need to consider the other options which are available to you which your financial adviser can help you with. The cost of joint critical illness cover would typically be cheaper than a policy which would cover you individually (two single policies) however this would still be more expensive than insuring one of you. It may be worthwhile looking at two polices where you consider insuring yourself for half the sum assured you were going to cover yourself for and therefore the price may be more affordable and you would both then have some level of protection insurance.
Another option may be to look at reducing the term of the critical illness cover as the longer the term the higher the premium would tend to be, therefore if you were to reduce the cover by a number of years it may mean there is enough money left to insure your partner/wife or husband.
There is a contract in the protection industry which is relatively new which may be able to give you the correct sum assured to cover you liabilities and also the term which you feel you would need the cover; however it is called a low start application. This would then mean that the premium would be relatively low in the first couple of years of the plan however the price of the plan does increase on a yearly basis, therefore five years down the line the plan will cost substantially more depending on the cost of the insurance to begin with.
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-The critical illness cover provider would be able to inform you of the yearly prices before you take out the plan.
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