Critical Illness

If you were diagnosed with a critical illness, what would that mean for you and or your family, your home or your finances?

If you were diagnosed with a critical illness, what would that mean for you and or your family, your home or your finances?

It’s not the most pleasant topic to think about, so it’s understandable why many of us put it off. However, a critical illness can happen to anyone, at any time.

If you are diagnosed with one of the illnesses protected by the policy, your insurer should provide you with a payment. Critical illness coverage is different from income protection insurance in that you will not receive a monthly payment to compensate lost income. This type of policy covers a number of different predetermined conditions, which will be detailed within your policy conditions.

In most cases, you will receive one-off tax-free payment that may be used to assist with living expenses, mortgage payments, or to pay for treatment or care. It may help you feel at ease by reducing one of your concerns.

Critical Illness policy will be beneficial.

When you might become critically sick or disabled and unable to work, and your resources are insufficient to support your expenses.

Taking into consideration your savings, statutory sick pay would not be sufficient to cover your income loss or you don’t have an employee benefits package to cover a longer time off work due to sickness. You have a partner who can cover living costs and any shared commitments, such as a mortgage. You and your family depend heavily on your income you don’t have enough savings to tide you over if you become seriously ill or disabled How much critical illness cover do I need? Critical illness insurance is typically taken out alongside other types of insurance, such as life insurance or income protection. It’s often combined with a life insurance policy. The amount of cover you need will depend on:

• Mortgage/rent payments
• Debts, Loans you’re paying off over time
• Childcare or other costs for your dependants.
• take-home pay
• work benefits
• Any medical expenses from adapting your home or travelling to hospital for treatment, or private medical care
• General living costs, like food bills and petrol
• other insurance products you have.

You can adjust the amount of cover you take out according to your needs and monthly payments. It is really important to read the small print before you take the policy and be aware that definitions and exclusions (what isn’t covered) can vary between different insurers. Our experienced advisors will help you to find out the most suitable policy and how much would it cost you, Simply Notify us on +44 300 303 4364.