How much cover do I need?
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We hope the following notes will assist you:
1. Replace your earned income. If you become critically ill, in all probability your ability to earn will be severely reduced or even eliminated. Therefore, you may wish to allocate some of the money from a Critical Illness policy to bolster up your income from any pension policy or state benefits etc to which you would become entitled. Many people choose a figure here equal to 5/10 years of their net earnings.
2. Loans Calculate how much you have outstanding on mortgage, overdraft, loans and credit card balances.
3. Costs related to recovery - The costs of travelling to and from consultants and specialist hospitals will soon mount up, and what about the costs of all your family visiting you if you need to stay in hospital for a long period of time. Having enough money for a holiday could speed your convalescence.
4. Medical expenses - If you don’t want to be at the mercy of NHS waiting lists then you may seek private medical help, which if you don't have private medical insurance, can be very expensive. Having the choice could make all the difference to your recovery time.
5. Your home - Some illnesses require your home to be modified - for example you might need to put ramps in to replace steps, an electric wheelchair could make things a lot easier around the home. Imagine you are in a wheelchair and now think of your home - would you be able to reach the cupboards and the fridge? Are the carpets suitable for an indoor electric chair? Social Services do contribute in these situations but the process is long, and the payment may not cover the extent of your needs.
6. Your business - If you run your own business, how would it manage without you? You might need to take on extra staff, you will still need to pay general office expenses like bills and wages. A financial cushion such as a critical illness insurance payout could make the difference between coming back to a profitable business as a going concern and having to start again.
7. Contingency sum - Because there will always be other issues that you haven't foreseen.