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Ensuring you have the most cost effective and comprehensive critical illness cover in place is essential when thinking about the future of both yourself and your family should the unwanted unexpectedly arise. Making sure that you can continue to support yourself and your family is one of the most prudent actions we can take.
Critical Illness Cover is in essence a long-term insurance policy covering serious illnesses and when needed will pay out a one-off, tax free payment, which can be used to provide financial breathing space and cover the unforeseen costs of an illness; such as medical treatment or any alterations which may be needed to your home.
Many people with existing Critical Illness Cover never think to review their policy. As time goes by advances in medical science mean that new treatments and procedures are used to treat illnesses, however many older critical illness policies require treatment with certain procedures rarely used today before a pay out would be approved.
Many more providers also cover less advanced illnesses, such as low grade cancer, that were not commonly covered. A review of your policy could ensure that you give yourself the best chance of receiving a pay out should the worst happen.
Every year, 1m workers in the UK unexpectedly find themselves unable to work because of injury or illness (Association of British Insurers 2015)
It is important not to confuse Critical Illness Cover with life insurance. Though they are sometimes sold together, they do not provide you with the same cover. Critical Illness Cover will protect you in the event of:
- heart attack
- certain types and stages of cancer
- conditions such as multiple sclerosis
…amongst many others which your adviser will be able to talk you through
Many policies will also consider any permanent disabilities that are a result of injury or illness.
Critical Illness Cover for your children
Sadly a child becoming critically ill is now the 4th most common claim area over recent years. As such many providers have really recognised the importance of providing children’s critical illness within their policies. Furthermore, some providers now offer specific children’s illness definitions and some, even from birth…
Does your current provider offer your family that amount of financial security?
Don’t Have Critical Illness Cover?
Widely regarded as one of the most crucial protection products, in that it covers the most common conditions such as those listed above – it is a misconception that cover can be either too expensive or may not pay out should you make a claim. In truth, over the years cover has become more affordable and it is now estimated that in excess of 95% of claims made are paid out. (Association of British Insurers 2018)
How much cover should I have?
This will be entirely up to you. Your adviser will be able to find the right level of cover for you depending on your circumstances, however factors to take into account include:
- the amount of mortgage you have outstanding
- any pre-existing or hereditary conditions
- your personal and household income
- any loans repayable you may have
- the age and number of dependants you have
Whether you are looking to review your existing cover or take out a new policy, one of our expert Protection Specialists will be able to guide you through the whole process completely free of charge.
Call our team today on 01249 474959 for a no obligation review.
Alternatively, complete the form below and we will be in contact.