Critical illness cover, which is also referred to as critical illness insurance is a long term policy protecting the insured party against a number of serious illnesses. This type of insurance will pay out a one off, tax free lump sum. The serious illnesses usually covered by such policies can include multiple sclerosis, heart attack, heart bypass surgery, cancer, kidney failure, stroke and major transplant surgery. This type of insurance is designed to pay off your mortgage or any unsecured debts, or pay for alterations to your home such as wheelchair access in the unfortunate case you may need it. The policy is usually scheduled to cover a set period of time or until your retirement, making sure you are financially protected until you are able to access your pension.
With medical advances, more people are surviving conditions that may have killed them years ago.
Finding out that you have a critical illness can be devastating, but worse still finding out that your existing policy doesn’t cover your condition can leave you in severe financial hardship.
Even when you are ill, mortgage payments, council tax, utility bills, food and childcare costs will still need to be paid. On top of this you may have additional costs as a result of your diagnosis which all add to the financial pressure you could be under. Your employer may pay you sick pay for a limited time if you are off work and state benefits offer a limited amount, but this may not be enough. A comprehensive critical illness policy will provide cover against an array of conditions and provide the reassurance that you need to give you peace of mind should you become critically ill, you are protected.
To set up a new critical illness insurance policy, or to review the policies you currently have in place, please contact one of our team on 01228 711881.
David Allen Financial Services Limited is an Appointed Representative of Network Direct Limited which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales registered at Dalmar House, Barras Lane Estate, Dalston, CA5 7NY. Registered number: 4030020.