What can critical illness insurance be used for?

If you have a serious illness there is a lot to be said for having a financial cushion to soften the blow.
The survival of a critical illness can affect your life in many ways. It could be that you have to alter your lifestyle and possibly won’t be able to return to your previous work. Having the right amount of money available will help you to manage this change.

Consider some of the improvements that having the right amount of money in place would bring.

Medical Care
The NHS provides a superb service but there can be long waiting lists and you may not be able to see the medical specialist you feel you need. Going private can be expensive and the costs could well continue for many years. Critical Illness cover would provide a tax free lump sum right at the outset to provide the money you need exactly when you need it.

Repay the mortgage
Stress is a big factor that could affect your ability to recover, so being able to repay your mortgage in the event of a critical illness would help to reduce the extra stress caused by having outstanding debts.

Lifestyle adjustments
You may want to move home or make adjustments to your home, for example widening the doorways, installing a stair lift or making sure that everything is easier for you to reach. You may find you wish to buy a car that can enable you to carry a wheelchair or that you need money to make an adjustment your existing car or even that you have to buy a different car.

Money for the future
You may want enough money to help your children to finish their education and support their university fees. With the right amount of cover, you would be able to afford a holiday to help you recover properly from a critical illness and thus increase your chances of enjoying yourself while you have the opportunity.

The life changing effects of a critical illness could mean that you would benefit from the extra money to help meet the costs of therapy (nutritional, speech therapy, physiotherapy or any of the experimental treatments).

You may find it a valuable benefit to have the resources to afford the childcare you need to support your recovery, especially if your mobility or energy is affected.