Are You Debating Critical Illness Insurance?
How many stories have you heard of families whose lives drastically change due to a father or mother being diagnosed with a critical illness? Too often we are learning of people developing life threatening illnesses, but how often do we stop and think that it could be us? Probably not that often but you shouldn’t take the risk. By being proactive and taking out critical illness cover you can continue to live life knowing things are taken care of should anything happen.
Why You Need Critical Illness Insurance
Unlike health insurance which pays you an income or doctors to look after you, critical illness cover is a form of insurance which pays out a sum of money in the event of being diagnosed with a specific illness. So say for example you take out a 20–year policy with a sum insured for £50,000 and suffer within that time frame, you would be able to claim £50,000. Some insurers even offer the option of adding children’s critical illness cover too, but often with a lower payout.
Most policies cover the likes of heart attacks, strokes and specific cancers but it’s important to pick a policy that suits you. Some policies will not cover you for existing health problems you have, and some do not pay out if you die. Therefore, it is worthwhile selecting a policy that suits you and one that accounts for any permanent side effects as a result of your injury or illness.
If you don’t have savings to fall back on then critical illness insurance is a responsible policy to opt into. State benefits may not match your current income and welfare benefits are dependent on your circumstances. Therefore, it’s important to protect yourself and your loved ones financially should anything happen. With help from a financial adviser you can plan a cover that complements your monthly payments.
Financial Foresight
Get in touch with one of our financial experts to book a free critical illness consultation today.
