Should I Get Critical Illness Cover?
Worth it if: mortgage, dependents, limited savings. Average payout £67k. 92% claims paid. But expensive - consider existing provisions first.
Whether critical illness is worth it depends on your personal circumstances. If a serious illness would cause financial hardship through lost income, mortgage arrears, or care costs, it provides vital protection. But it's not for everyone.
Key Points
- 1Average claim: £67,000 tax-free
- 292% of claims paid
- 3Cancer = 65% of claims
- 4Worth it if you have mortgage/dependents
- 5Consider savings and employer benefits
- 6Expensive with strict definitions
Eligibility Criteria
- Recommended for mortgage holders
- Important for main income earner
- Valuable with limited sick pay
- Consider family health history
- Less needed with substantial savings
Typical Timeframe
Policies start immediately with waiting period. Claims pay within 4-8 weeks of diagnosis.
Next Steps
- 1List your financial vulnerabilities
- 2Check employer benefits
- 3Calculate cover needed
- 4Compare quotes from providers
- 5Speak to protection adviser
Why This Matters for Your Mortgage
Understanding these details helps you make informed decisions during the mortgage process. Every element of your application—from deposits to documentation—affects your approval chances and the rates you can access.
Lenders assess applications holistically, weighing multiple factors together. Knowing what they look for allows you to present the strongest possible application. This is particularly important for non-standard situations where lender criteria varies significantly.
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Related Questions
For more detailed information about this topic, visit our comprehensive guide:
Protection
Content reviewed: January 2026
CeMAP awarded by The London Institute of Banking & Finance. Cert CII (MP) awarded by the Chartered Insurance Institute.