Why do people take out Critical Illness policies?
Critical illness cover (CIC), as with all insurance, is designed to help protect against unpredictable events that are often out of your own control.
People with financial dependents or those that would be faced with some sort of financial hardship if they were to be diagnosed with a critical illness take out critical illness cover to provide themselves and their family with a financial safety net if that were to happen.
Many people buy critical illness insurance when they take on a mortgage to help provide them with the peace of mind of knowing that if they were unexpectedly diagnosed with a critical illness, subject to a valid claim, the lump sum paid out could be used to pay off their mortgage.
People that would like to ensure that financial commitments such as credit card debts or a personal loan would be paid off in the event of being diagnosed with a critical illness also find critical illness insurance an appropriate solution to their needs.
If you'd like to establish your own critical illness needs, you can make use of our industry exclusive Finance Navigator.
