Critical illness cover is more expensive than life insurance but to many it is more important. The cover will ensure that should you suffer from a serious medical condition but not die, you will still receive a pay out. The positive note here is that medical advances mean more people than ever are surviving conditions that might have killed earlier generations.
With Critical (or Serious) Illness Cover, one of these specific illnesses will mean you will receive your tax-free lump sum which can be used any way you like and could be used to cover your living expenses, financial commitments or to help with the extra costs that often result from serious illness, for example:
• Any medical treatment you might need
• Adjustments to your home
• Specialist equipment
• Care services
• Income top up
Also, many critical illness policies now offer cover for children as part of their insurance, meaning that should your children fall critically ill they will be covered under your policy, and you'll receive a lump sum pay-out. It may give you peace of mind to know that both you and your children will be financially covered should the worst happen.