In short, yes – it is.
Some cover is better than none, but of course some policies are better than others.
There is no “one size fits all” when it comes to insurance, and a HUGE mistake people often make is assuming all insurance policies are the same. They are not, and in lot of cases they are woefully inadequate. Unfortunately, if you bought one of those cheapo insurance policies from the online, comparison website, you’re unlikely to find out what the shortfalls are until it’s too late. There’s a chance the only thing you’re going to get out of it is a cheap soft toy.
Critical Illness is a big topic to cover in a blog post, so I’ll summarise by saying this:
If you are diagnosed with one of around 45 (typically) conditions covered by your CI policy, the insurer will pay out the sum assured. If you’re not covered for that particular condition, they won’t.
Very much like your Redundancy insurance (you DO have that, right?) – if you get made redundant it will pay out, if you smacked your boss in the mouth and walked out, it won’t!
In recent years, medical science has been moving at a fast pace, and as a result, many illnesses that were previously classed as critical, are now treatable or even cureable.
With that in mind, it explains why people are generally living longer. Unfortunately, it also means we’re living with ongoing illnesses. Historically we’d have died from them, but now we live with ongoing treatment which keeps us ticking over.
There is a newer type of policy, which we believe is far more comprehensive than a traditional CI policy. The cover it provides is very thorough – too detailed to explain here, but this short video should explain the basics:
If you would like to discuss this cover in more detail, or would like a policy setting up please don’t hesitate to give us a shout. We don’t charge a fee for arranging protection, so you have nothing to lose, and potentially a lot to gain.