Critical illness cover is an insurance that can pay a tax-free lump sum if you become critically ill with a diagnosed illness specified within the policies terms and conditions.

In most cases this insurance is taken out to help you financially cope if you are diagnosed with a critical illness. Examples of critical illnesses that might be covered:

- Stroke

- Heart attack

- Certain types of cancers

- Conditions such as Parkinson’s disease

- Loss of arms or legs

Do I need critical illness cover?

When falling critically ill state benefits may not be enough to replace your income.

Payments from employment and support allowance range from £70 to just over £100 a week, this will depend on the seriousness of the illness or disability. Generally you should look at getting this type of cover if you don’t have enough savings or an employee benefit package.

In most instances critical illness cover is added to a life insurance policy. Working out exactly what you would require if you became critically ill is a key factor before ultimately deciding if this is right for you and is inline with your affordability.