Critical Illness Insurance
Affordable protection for when your health matters most
Getting started with critical illness insurance
Life has a way of surprising us - sometimes in ways we’d rather not imagine. That’s why it’s smart to be ready for the unexpected. Critical illness insurance offers financial support if you're diagnosed with a serious condition, helping to ease the burden on you and those closest to you. It may not be the easiest topic to face, but having cover will provide real peace of mind when it matters most.
What is critical illness insurance?
Critical illness insurance pays out an agreed tax-free lump sum if you’re diagnosed with a serious health condition.
Commonly covered conditions include:
- Cancer (of specified severity)
- Heart attack
- Stroke
- Multiple sclerosis
- Major organ transplant
Imagine being diagnosed with a serious illness and needing 6 months off work. Critical illness insurance could repay your mortgage in full during that time.
It’s designed to ease the financial strain during difficult times so you can focus on what matters most: your health and your family.
What are the benefits of choosing critical illness insurance?
There are several reasons why people choose critical illness cover:
- It provides a lump sum to help you manage your finances
- You can use it to repay your mortgage in full, which is typically your biggest financial commitment
- If required, you can use it to cover medical costs or adapt your home too
- It gives you and your family peace of mind during uncertain times
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Ready to protect your future with critical illness insurance?
Speak to our experts today to find the best policy for your needs.
How does critical illness cover work?
Once your policy is in place, it covers you for a list of specific illnesses. If you’re diagnosed with one of these conditions during the policy term, you’ll receive a one-off payment to repay your mortgage debt. However, you could also use it to cover private treatment costs or to adapt your home.
It’s important to check what’s included in your policy, as insurers may cover different conditions. Keep in mind that not all illnesses are covered, and pre-existing conditions may be excluded. Our mortgage and protection experts can help you find a policy that suits your needs and lifestyle.
Who should consider critical illness cover?
While not legally required, critical illness insurance can be a smart financial safety net. If you were suddenly unable to work due to illness, this type of insurance would help you manage your finances.
Critical illness cover is especially valuable if:
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You have dependents (such as children or a partner who does not work) who rely on your income
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You are the primary child carer, and your partner would have to give up their job to look after the children if you were unable to
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You don’t have enough savings to cover a long-term illness
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You want peace of mind that if you became critically ill and unable to work, you could pay your mortgage and wouldn’t have to sell your home
How much does critical illness insurance cost?
The cost depends on factors like your age, health, lifestyle, and the amount of cover you choose. While it may be more expensive than standard life insurance, the benefits can be life-changing if you ever need to claim.
How do I choose the best critical illness policy?
Choosing the right policy depends on your personal circumstances. Unlike life insurance, which pays out when you pass away, critical illness cover supports you while you're still alive and recovering. Some people combine critical illness cover with life insurance for broader protection, while others prefer a standalone policy.
Our team of experts can help you compare options and find the right fit, so you can feel confident that you’re covered, no matter what life throws your way.
Talk to an expert
Speak to one of our specialist advisors today to find out more about the insurance policies we offer, and how MFB can help you secure the best mortgage protection.
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