Critical Illness Cover
Critical Illness Cover is an insurance policy covering serious illnesses and when needed will pay out a one-off, tax-free payment. This 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. Or could be used to repay some or all of the outstanding mortgage balance.
Why you should have it
It is important not to confuse critical illness cover with life cover. Though they are often sold together, they do not provide you with the same cover. Critical illness cover will protect you in the event of things like heart attack, stroke, some types of cancer and permanent disabilities. Things that will change your lifestyle and ability to work but don’t result in your death.
Critical illness cover is designed to give you and your family peace of mind. At what would be an extremely distressing time, a critical illness policy will ensure everyday money worries aren’t part of the problem.
Type of cover
Policies vary in the level of cover they offer. There are options for standalone policies, but most people take it out with a life insurance policy as it is generally cheaper. You can choose the amount of cover you want, as well as the term and the people to be covered. You can choose to take out a joint policy with a partner and some policies also include your children. Different policies also include a wider range of conditions but pre-existing conditions, hereditary illnesses, and temporary illnesses are generally excluded. As well as when purchasing a property, it’s important to review your critical illness cover when making changes to your existing mortgage amount or term, changes to the size of your family, or after a change in employer. Old critical illness policies may also be out of date due to the advances in medical science and the treatments required before they pay-out.
With so many insurers and with so many different policies it’s important to understand the cover you need. At 177 Protect our team of protection experts will ensure that they build a deep understanding of your personal, financial and employment circumstances. We will search the entire market to recommend the right level of critical illness cover to meet your needs and budget.
Speak to our team about Critical Illness Cover today
To find out more speak to an adviser on 01249 474959 or fill out the form below and we will be in touch.