Have the right policies in place
With access to providers from across the market, we can provide you with bespoke advice on your critical insurance arrangements to ensure that you have the right policies in place at the right price to protect you and your family if you or they are diagnosed with a qualifying critical illness.
If you cannot work or earn an income due to ill health then the impact on your ability to be able to pay your mortgage, rent, and other outgoings can be an additional stress. For many, the financial implications of a loss of income and the ability to work are just as concerning as the illness itself.
What is Critical Illness Cover?
Critical Illness Cover is normally a long-term insurance cover that pays out either a lump sum or a regular annual income if you are diagnosed with a critical or serious illness that is covered by the plan you have in place. You may use a policy to pay off all or part of a mortgage or cover other costs relating to your condition.
Many of our clients take out critical illness cover because their employer only supports them for more than a year if they’re off sick from work. As the recovery period from a critical illness is normally expected to be years, rather than months and given the low level of state benefits available, we advise everyone of working age with financial or family commitments to consider critical illness cover.
Critical Illness policies
While most providers will have certain limits on the cover they can provide, we generally find that these are more than sufficient for most people, therefore, in general you will be able to determine the amount of cover you need and we can assist you with deciding on this in-line with your budget.
The good news is that payments from critical illness policies are made tax free.
The majority of providers will look to pay out as soon as possible once you have been diagnosed with a qualifying critical illness.
For more information or to discuss the critical insurance arrangements available to you, to protect you and your family if you or they are diagnosed with a qualifying critical illness, please get in touch.
Critical Illness plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse. Payments will generally not be accepted for claims arising from excluded conditions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.