• Would your business or employer support you financially if you were being treated for a serious illness?
• Would your loved ones be able to financially maintain their lifestyle if you were no longer able to work?
• Would your children be able to complete their education?
• Could you cover your monthly outgoings such as rent or a mortgage or car payments if you became seriously ill and could not earn a living?

If you answered ‘no’ to any of these questions, you should consider arranging a protection plan that can help you cope financially if your circumstances should change.

The need for critical illness insurance has increased in line with life expectancy. The longer we live, the more likely we are to battle illness, and this means incurring increased expenses that can seriously deplete your personal savings quickly.

Most policies pay out only once, but some policies allow for a small payment if you are diagnosed with a less severe illness.

Your policy would then continue and, in theory, you could make a further claim down the line should you be diagnosed with a critical, more serious condition or illness.

The earlier you take out a Critical Illness Insurance policy the cheaper the policy is likely to be. This means it’s more efficient in the long run and it means that as soon as you get married or have any dependants they’re immediately protected.

You can make your critical illness insurance cheaper by combining it with or buying it alongside normal life insurance. Some insurers do not even sell standalone critical illness cover. It is worth noting that there is normally only one pay-out, so if you make a claim for a critical illness, your family would not receive a further pay-out on death.

Most premiums are fixed, but some companies offer what are known as reviewable premiums – which have lower starting premiums that could rise during the policy term.

IAE Insure can quote you for both types of cover.