What is Critical Illness Protection?
Here in the UK many people suffer from some form of Critical Illness during their life. Critical Illnesses might be in the form of a heart attack, a stroke, serious cancer or some other life changing condition.
The effects from such an illness can be both devastating to your life and to your financial stability. These situations are also likely to have a big effect on your loved ones and their way of life.
Critical Illness Protection allows you the opportunity to insure yourself for a lump sum payout in the unfortunate event that you are diagnosed with a Critical Illness. Critical Illness protection can offer you peace of mind at a time when you should not need to be worrying about how you will maintain your financial standard of living.
How would my cover work?
The way Critical Illness Protection works is very straightforward. It provides you with continuous Critical Illness protection for a specified lump sum payout, over a set number of years. If you are diagnosed with a Critical Illness at any point during this term (included within the insurers established list of payable conditions), the insurance company will payout the specified sum assured to yourself.
The money is then yours to do with as you would please. Many people choose to pay off their mortgages, loans and other liabilities to reduce any stress that these might cause. Others use the money to secure private medical care.
How flexible is Critical Illness Cover?
Your Critical Illness Protection is very flexible. You can choose the amount of years that you are insured for and specify the sum assured for your needs. Alternatively you can tell us the monthly budget that you can set aside to pay the monthly policy premiums and we can establish the best sum assured for your means.
Some insurance companies give you the opportunity to include Critical Illness Protection for your children within your policy. While this is not a nice subject for any parent to think about, it is good to know that if your child did suffer from a Critical Illness, you could ensure they are well looked after. You could either pay for them to have private treatment and/or take time off work to care for them without worrying about your finances.
Why should you get Critical Illness Protection?
Here are some of the key points outlining why Critical Illness Protection is important.
- Financial peace of mind if you suffer a specified Critical Illness.
- Cover can be taken out if employed or unemployed.
- Cover is paid out as a tax-free lump sum or a monthly benefit to help your financial needs.
- You can combine your Critical Illness Protection and your Life Insurance to reduce your premiums.
- Tailor make your policy to fit your needs.
- You do not require a mortgage to get covered.
- Your children could also be covered, often at no extra cost.
Feel Free to Contact Us
Call us now on freephone 0808 17 82 777