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Catching up on some questions I have received the following was sent in by Ben, a young man of just 25 years who asks if Critical Illness is really something he should consider.

Hi, just wanted to ask for your opinion on whether Critical Illness is really worth the money and whether I should give serious thought to taking it out. I already have a mortgage, a decent job and so on. Thinking about the future. My wife does not work, she is at home with our two children. Asking you because I know you will give an honest view and are not just trying to sell me something. I just don't trust insurance salespeople.

Ben, thanks for your question. To be clear I cannot give advice on whether an insurance product is right for you so this is just my view. I have shortened your question and removed all personal information for the purpose of this article.

First of all, I would direct you to my previous article which took a look at Critical Illness coverage as well as others, you can find it here.

What benefit will you receive?

For me, the important element of any insurance is the benefit you will receive and the positive impact it gives you and your family. In this case, it's a lump sum of cash should you be diagnosed with any number of critical illnesses and survive, usually for at least 30 days from the date of diagnosis.

What do you want the benefit to provide you or your family?

Now you know what the benefit is, what you do want the benefit for?

Think about what could happen, the impact it could have and how Critical Illness cover could benefit you and your family.

Take the example of being diagnosed with Cancer. Depending on when diagnosed you could survive for a long time, in fact, you could beat it and live a long life depending on the type of Cancer and stage its caught at.

Critical Illness could provide cash during the period of recovery when you cannot work, it may simply allow you to do things you always wanted to do with your family before you go or simply leave more behind to support your family once you are gone.

In other examples, you could consider the loss of a limb or loss of speech. Either may prevent you from ever being able to do the job you currently do. The benefit received could then help you through a period of being able to retrain in order to change your career direction.

All very morbid I know but it's good you are thinking about these things, so many people don't and it becomes too late.

None of us takes out these types of policies to protect against what we know is going to happen, it's in case something unexpected does happen.

Also, consider that it's not a life insurance policy. If you die suddenly without a diagnosis, there is no benefit. Make sure to check out the link I provided above which considers other options.

Hope that helps you a little.