Critical Illness Coverage

Critical illness coverage also known as a critical illness policy is a form of serious illness protection insurance. Critical illness coverage pays out a tax-free lump sum direct to you upon the diagnosis of a critical illness. The amount of protection provided by the cover usually remains fixed throughout the life of the policy.

Provides financial protection should you be diagnosed with a critical illness.

Single or joint policy that can be combined with life insurance for additional cover.

The most common critical illnesses covered include cancer, heart attack and stroke.

Receive a tax free cash lump sum on diagnosis.

Policy can be tailored to suit your needs.

Type of cover - Critical Illness Cover Critical Illness Cover and Life Insurance Level of cover £ Length of cover . years

What can critical illness coverage be used for?

The critical illness policy payout can be used to cover healthcare costs, pay bills such as food and necessities, and any monthly financial obligations such as the mortgage or rent. Critical illness coverage can also be combined with term assurance to cover a mortgage loan. The amount of the critical illness protection payout received will depend on the amount of cover you wish to take out at the start of the critical illness policy.

Do I need a critical illness coverage?

What would be the financial impact on you and your family if you were to become seriously ill and unable to work? Would your partner have enough earnings and savings to meet your financial obligations? If not, then critical illness cover could be a solid way to protect their future.

Factors to consider when buying a critical illness policy?

• What tax-free cash sum would you and your family require should you become seriously ill?
• For how long would you need the critical illness coverage to last?
• Would you like the policy premiums to be fixed over the term of the policy?
• Ensure that your critical illness cover includes a comprehensive list of critical illness conditions. Reputable critical illness policies will include over 30 conditions.
• Do you want the plan to coveryou in your own occupation or any occupation

Pros and cons of a critical illness policy?

	A critical illness policy can help to financially protect you and your family should you be diagnosed with a critical illness.
	Critical illness protection will pay out a tax-free cash lump sum which can then be used however you wish.
	Critical illness policies will not cover all conditions, only those listed in the policy details.
	A critical illness insurance policy may not cover pre-existing conditions

If you are looking to buy a critical illness policy and need some more information, guidance or simply want a critical illness quote, don’t hesitate to get in touch, dealing in insurance day in, day out, we are in a great position to help.

This entry is filed under Critical Illness Cover Guide.