Young, free and single? Why critical illness cover could be for you.

If you’re cosplaying Carrie Bradshaw, we’re so happy for you. A youthful, independent, single female taking on the world. 

At Financielle we proactively encourage the building of emergency funds when you’re solely responsible for your financial wellbeing. This is a ringfenced pot of money you set aside for whatever life throws your way. 

However, we know that as a result of the “single person tax” – the higher cost of living that often comes with managing expenses on your own – building substantial emergency funds whilst trying to hit other life goals can be difficult. Some community members counteract the need for substantial emergency funds with the help of insurances.

If you’ve worked your way up the career ladder to purchase your very own home, like to go on city breaks with friends, eat out at your favourite restaurants, and take your wellness seriously, you’ll want to protect your lifestyle anyway you can. We’re working with our Partner,  Lifesearch*, to raise awareness around Critical Illness cover and the ways in which it can help young, single females to protect their lifestyle.

What is critical illness cover?

Critical illness insurance pays out a lump sum if you’re diagnosed with a specified life-changing illness or condition.

Do I need it?

Being diagnosed with a critical illness can impact more than just your emotional and physical health; it can also affect your finances. Realistically, you are going to be unable to work for some time in aid of treatment and recovery.

What is it? 

Critical illness cover is a type of insurance that can pay out a lump sum if you’re diagnosed with a serious illness covered by your policy.

The money can be used in whatever way you choose – for example, to help with living costs, take time off work, or ease day-to-day pressures – giving you space to focus on your health without added financial worry. 

Critical illness cover differs from income protection, which can provide regular payments to replace part of your salary while you’re off work.

What’s covered?

Most policies cover, but aren’t limited to:

Cancer, heart attacks, strokes, Multiple Sclerosis (MS)

Policies will differ depending on the insurer – which is why we suggest speaking to  Lifesearch before taking out a policy. You need to be diagnosed to a certain severity for your policy to pay out.

*It’s important that you thoroughly read your policy documents to determine exactly which illnesses you are covered for, and to what severity.

What’s not covered?

Your policy documents will make it clear exactly what conditions and illnesses are covered. If it’s not listed, then it’s not covered. Make sure you check out the policy exclusions too – Some conditions may be excluded due to pre-existing medical conditions, and most policies require you to survive for a set period after diagnosis before a payout can be made.. LifeSearch can help make sense of this for you.

How much does critical illness cover cost?

Factors that can determine the cost of your insurance policy are;

• Your age
• Your health status
• Amount of cover
• Your lifestyle – (We see you Carrie Bradshaw, smoking and drinking like it’s going out of fashion)

To find out more about critical illness cover and how it can protect you, speak to Lifesearch here

Important Notice: This guide is for general information only and is designed to help you understand the basics of Critical Illness Cover. It does not constitute financial advice, and Financielle is not authorised to advise on financial products. If you require advice tailored to your personal circumstances, please speak to LifeSearch or an authorised protection adviser.

*indicates a tracked link, which tells our partner that we sent you and may in the future result in a payment or benefit to our site.

___________________________________________________________________

Financielle is an Introducer Appointed Representative of LifeSearch Partners Ltd, which is authorised and regulated by the Financial Conduct Authority. FCA Registration Number: 656479.