Accident, sickness & critical illness insurance

You should consider how you and your family would cope if you become unable to work due to illness or injury. This is especially important if you are the main or sole earner in your household.

Accident and sickness insurance will replace your lost earnings in these circumstances. It is similar to income protection insurance, although typically it will pay out only for a maximum of 12 months.

Critical illness insurance is different. This will pay out a lump sum if you are diagnosed with a critical illness such as heart attack, stroke, cancer and multiple sclerosis. The lump sum can be used as you wish – perhaps to replace lost income, or to help pay for care or treatment, and so forth. Different policies cover different illnesses, so check all such details carefully before taking out any policy.

A financial adviser can tell you more about the different types of protection cover and which may be most suitable for you.

Questions to ask:

  • Will I have to wait before I make a claim on the policy?
  • Which is the best type of policy for my circumstances?
  • Can I get insurance to protect me if I become unemployed?
  • What type of illnesses does each policy cover?