You asked

What is serious illness insurance and do I need it?

Most new parents will have the basic insurance must haves covered. However, you probably haven’t thought of what happens if one or both of you were to get seriously ill.
Serious illness insurance, also known as critical illness insurance, is a type of insurance that pays out a lump sum if you fall ill with a predetermined serious illness. Standard diseases covered include multiple sclerosis, cancer, kidney failure, heart attack, stroke, major organ transplants and coronary artery bypass surgery. Other diseases will be covered in different policies, so if you’re particularly worried about one, or you just want maximum cover for your insurance premiums, make sure that you check what’s covered and what’s omitted in the policy you choose.
Critical illness insurance is one of those things that is important to have but that you hope you never have to use. On the other hand, if you are seriously ill, you don’t want to be worrying about money or your family’s financial security, so it’s well worth getting.

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