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You critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed on the policy. Not all conditions are covered. The policy will also specify how serious the condition must be. Examples of critical illnesses are:

• heart attack
• stroke
• certain types and stages of cancer
• conditions such as multiple sclerosis

Most policies will also pay out if you are permanently disabled as a result of injury or illness. It only pays out once and then the policy ends.

Some serious illnesses might not be covered by a critical illness policy. For example, some cancers and ‘chronic’ or long-lasting conditions that could mean you can’t work might not be covered.

Health problems you knew you had before you took out the insurance are also very unlikely to be covered.

Unless you have a combined life insurance with critical illness policy this type of insurance does not pay out if you die.

There are different types of critical illness insurance policies available, so it’s important to know exactly what’s covered.

Don’t rely on benefits from the state to support you if you become critically ill – these are probably less than you think. The money you get from a critical illness policy can be used to pay off a mortgage, to pay medical bills, home modifications or for anything else.

Critical illness cover could be a good choice for you if:

• you don’t have savings to tide you over if you were seriously ill
• you don’t have a good employee benefits package to cover a period of time off work due to sickness