Do I Need Critical Illness Cover?

We’ve all heard of critical illness insurance, but do we really need it?

Whilst Life Insurance cover pays out a lump sum in the event of your death, Critical Illness cover provides you with financial protection in the form of a lump sum payout if you are diagnosed with a severe illness covered by your policy. This can help cover medical expenses, mortgage payments or other financial obligations during a challenging time.

The Chartered Institute of Personnel and Development has reported that workplace sickness absences are at the highest level in a decade. Since the pandemic, the long term effects of Covid-19 are still unfolding. Add to this the NHS’s estimate that 1 in 2 people will develop some sort of cancer in their lifetime and that’s only if you aren’t in an accident. It’s great to be an optimist and think that it won’t happen to you, however statistics don’t lie.

Worryingly, presenteeism remains pervasive. Presenteeism is when people go to work but under perform due to illness or medical conditions. This is something which most people can relate to, most of us have likely gone to work when feeling under the weather, more so post covid, now that so many of us work from home, but for people with long term illnesses, such as cancer or people who have recently had surgery or who have been in an accident, it can be difficult to predict when you are going to be well enough to return to work. With Statutory sick pay in Northern Ireland only being paid up until 28 weeks of absence, people who have had a long term illness may be forced to return to work before they are well enough. It comes as no surprise that record numbers of workers are taking out Income Protection Policies. According to the Association of British Insurers, there was a 16% increase in Income Protection Plans in 2023 compared to 2022, and the highest since they began collecting data in 2000. 

How Can An Income Protection Plan Help You?

An income protection plan can pay up to 65% of your wage in case of an accident or long term sickness. You will continue to be paid until you return to work or until you retire, or until the end of your policy term.Whether you need an Income Protection Plan, Critical Illness Cover or Life Insurance, we can help you. Mortgage Solutions Belfast serve Belfast and surrounding areas by providing expert insurance advice, we can help get you the best critical illness cover, the best life insurance or the best income protection plans tailored to your needs.

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