Critical Illness Cover
Suffering a critical or serious illness is a devastating time in anyone’s life.
The questions we may ask ourselves could be as follows:
- Will I survive?
- How long might I be unable to work?
- How will I be able to pay my mortgage if I cannot work long term?
- What impact will this have on my family and household finances?
- What impact might this have on my business?
When it comes to health and wellbeing we don’t know what’s going to happen tomorrow. We all hope to live a long healthy life, free of illness, but the truth is that a critical illness or serious illness can strike anyone at any time, regardless of how well a person has lived or taken care of their body.
Ill health can sometimes arise from mere chance. A person could fall ill from a random viral infection, or they might be in an accident that ends in injury.
There are many well know world wide sports stars who suffered critical illness in their 20’s, 30’s and 40’s, who passed away prematurely.
We can eat well, exercise, minimise factors such as alcohol or cigarettes, and hope that it never happens to us or our loved ones, but the reality is a lot of what happens to us is completely out-with our control.
Having cover in place in the form of a critical illness policy or a serious illness policy can help to protect our finances, and also help to ensure that we are able to remain in our homes should illness strike.
People often take out these policies for a number of reasons, and we find the most common reason is to protect their mortgage, so that in the event they suffer from one of the illnesses named on the plan, they have a policy that could allow them to pay off their mortgage, or at least a portion of it.
You may also take out this type of policy to make up for lost earnings while you are off work, or you may need to adapt your home should your illness cause any physical impairment.
A lump sum payout from this type of policy can make a significant difference to a person, or family, at a crucial time where the focus should be on recovery instead of worrying about your finances.
The main illnesses that are claimed for are heart attack, cancer, stroke and MS, although comprehensive policies can cover you for anything from 40 – 170+ conditions.
There is a wide range of different policies available, and these policies can cover you for a range of different conditions. Our advice is to always take professional expert advice to ensure you have the right policy for you.
Our protection experts have access to the whole of the market and use the most advanced policy comparison tools. We will assess and score each policy based on cost, conditions covered, condition definitions, additional benefits and claims payout. This helps to ensure that you get the best policy recommended to you every time.
If you have an existing critical illness policy, our experts can review this against other policy options available to help ensure you have the very best policy for your needs.
The funds released from a critical illness policy are tax free, and could be used in a variety of ways. It might be that you have to make amendments to your home (should your illness affect your mobility for example). You may wish to reduce some of your other debts, pay off some of your mortgage, or replace some lost income. The choice is entirely yours.
If you were to suffer from a serious illness there is the chance that you might be unable to work. This might be for an extended period of time, for example for 12 months, 5 years, or in more extreme cases, you may never be able to work again.
If we picture ourselves in one of those potential scenarios, how might the future look without having sufficient cover in place? Having the right cover in place is absolutely crucial to help ensure that you are financially protected.
There are many options to tailor your cover with your personal circumstances and needs, and you should always consult an expert who will be able to provide professional advice regards your options.
One option could be to include life insurance within your policy. This means that the policy would pay out if you were to suffer a critical illness or if you were to pass away, whatever happens first.
With so many policy providers and policy options out there, it is prudent to consult a professional. Our protection expert will take the time to understand your individual circumstances and needs, and discuss all of the options with you to help ensure you have the best policy for your circumstances and budget.
If you are a business owner and you suffer a critical illness this can have a devastating impact on the business. This could in turn lead to the business having to cease trading or at least put the business at risk.
Our website details the various different types of cover available, with options that are suited to limited company directors as well as options that are designed to protect key people in a business.
Putting our clients best interests at the heart of every decision, each and every time.
Please complete the form to see how we can help you best: