Critical Illness is available from a number of different sources for example, financial advisers, insurance brokers, and insurance companies. Critical illness protection basically provides a tax free lump sum if you were to suffer from one of the specified illness on the plan. However, the different insurance companies critical illness protection plans will vary, some of these differences are subtle, but it is important that the one you go for is right for you. Therefore, this is why accessing critical illness advice and discussing your needs is important.
Generally, good critical illness advice, assuming that it is affordable within your budget, would be to cover your liabilities. These may include outstanding mortgage, loans, credit cards etc. This would mean that should you suffer a critical illness you have the peace of mind that your critical illness protection will cover your debts. In addition to this, if finances allow, would be to have an additional lump sum on top as a form of income. This is especially important if you have no or little savings and you, your family and any dependents are reliant on your salary.