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Protection insurance policies offer both peace of mind and a financial safety net in case of illness, injury, or death.

Whether you’re single, in a relationship, have dependent children, or none at all, you’re likely to benefit from some form of protection insurance.

If you already have coverage, that’s great—but does it still meet your current needs? It’s important to review your insurance periodically, especially after significant life changes such as marriage, starting a family, moving, a relationship breakdown, or a new job. These events may affect the level of coverage you require.

Your adviser is best equipped to help you find the right coverage for your situation.

To better understand your options, take a look at this brief guide to protection insurance.

Critical illness cover provides a payout if you are diagnosed with a serious illness, such as cancer, heart attack, or stroke. Many policies cover over 50 different conditions, though the specific illnesses included may vary. Each condition is clearly defined in terms of what qualifies for a claim—some less advanced forms of cancer, for example, may not be covered if they’re not considered ‘critical.’

This type of cover is intended to provide financial support during a time when your focus should be on your health, alleviating money worries. The funds can be used for daily expenses, private treatment, home modifications to accommodate medical needs, or allowing loved ones to take time off work to care for you.

It’s important to note that critical illness cover doesn’t cover every illness and is unrelated to your ability to work. For coverage related to your ability to work, consider income protection insurance.

Many policies also include children’s cover, providing a lump sum if your child is diagnosed with a serious illness, to help with treatment or family support during a challenging time.

Coverage can vary widely between insurers, so the cheapest option may not always offer the best value. Your adviser can help you select the most suitable cover for your needs.

Is critical illness cover right for me?

Consider critical illness cover if:

• You don’t have other insurance, like income protection, to support you financially if you become seriously ill.
• You have a mortgage or personal debts that would still need to be repaid if you were unable to work due to illness.
• You have dependents who rely on your income or your unpaid work, such as caregiving or other household responsibilities.
• You have children and want financial assistance if they are seriously ill.