Developments in medical science mean you are increasingly likely to survive serious illnesses. However, it still takes time to recover and during that time you might not be working or receiving an income. Hopefully when you return to work you may wish, or indeed have to work fewer hours or take a lower paid job – and in the worse case you may even be unable to return to work at all. In the meantime the bills will still be coming in.

Critical illness cover usually pays out a lump sum if you are diagnosed with one of the critical illnesses covered, although a ‘Family Income Benefit’ version is also available Critical illnesses covered will include cancer, heart attacks and stroke but a wider range of illnesses is also covered.

By taking out a critical illness plan you can help to ensure that you will have the money to pay for the care you need, for example hospital or nursing costs.

Many people choose to take out critical illness cover to insure their mortgage. However, you may also want to consider covering other expenses. For example, if you are planning for a family you may want to consider how you would pay for the cost of childcare or school fees if you had a critical illness.