Critical Illness Cover exists to offer protection to your family if this scenario was to unfortunately arise. We don’t know what life will bring us from one day to the next. But critical illness cover is a way to prepare against the worst happening.
What would happen to your family if you were unable to work?
Would they be able to cope financially?
If you were so ill that you couldn’t pay the bills or your mortgage?
If you suffer a stroke or heart attack, or develop cancer or another serious illness which meets the insurer’s specifications. You will receive your Critical Illness insurance sum while you’re still alive. Helping to support yourself and your family at a time when you may be unable to do so yourself. You might even opt to use the money to create happy memories, such as that dream holiday or trip.
Critical Care insurance is invaluable to those who have been forced to leave their job due to the severity of their illness. Or have lost their independence and require costly care for their condition. At Life Insurance Cover we search all of the leading insurance providers for Critical Illness Cover to find the best policy for your needs.
Critical Illness or Life Insurance?
Critical illness cover is designed to pay out when you’re diagnosed with a life-changing illness which is specified by the insurance provider. Not all illnesses are covered so you’ll need to be aware of the restrictions. Our specialist advisors will run through all of the details with you.
Life insurance is designed to pay out when you die. You can rest assured that your loved ones will have financial stability when you’re gone. This could be to pay off your mortgage or provide a lump sum to your family.
What are the benefits?
Tax-free pay-out – The money you receive from a critical illness policy is exempt from tax, meaning that if you are diagnosed with a serious illness during the policy term and it is one of the pre-defined illnesses listed, you get the full amount and none of it is taxable.
Financial security – You can use the money to pay off any debts or to make sure your family have something to help in tough times. If necessary, the money could also be used to pay for medical expenses or for adapting your home to cope with the illness.
Cover for your children – Many insurers will also cover your children when a critical illness policy is taken out, however the pay-out depends on what the insurer is offering. You’ll have additional peace of mind knowing your children are also covered.
A chance for you to take that dream holiday – It could be that when you’re diagnosed with a life-changing illness that you want to tick a couple of things off of your bucket list. Critical Illness Cover could do that for you, enabling you to take that holiday of a lifetime and create many happy memories at a time when they’re sorely needed.
Are there any considerations when buying Illness Cover?
It’s extremely important to be completely honest when applying for cover. If you haven’t disclosed something about your medical history and you need to make a claim. There is a chance your claim could be denied due to this.
If the policy has no investment element. It will have no cash-in value at any time and will cease at the end of the term. This means that should you not be diagnosed with a severe illness before the policy ends, you won’t receive anything back once it stops. If premiums are not maintained, then cover will lapse.
What affects the cost?
The cost of a critical illness plan will be influenced by a several factors; the likelihood that you’ll make a claim, your age and your health and lifestyle. This means that you could reduce the costs of cover if you make positive changes to your health. Such as taking steps to lose weight, quitting smoking or reducing your alcohol intake.
How do I get Cover?
Taking out a Critical Illness Cover policy with Life Insurance Cover couldn’t be easier. Simply complete our quote form and our specialist advisors will be able to help you with the next steps. Offering you the protection for you and your family.