A critical illness can affect anyone at any time.
Critical illness cover provides a lump sum if you are diagnosed with a serious medical condition. Common conditions insurers cover under this type of protection include:
- Serious forms of cancer
- Multiple sclerosis
- Parkinson’s disease
- Heart attacks and other serious heart conditions
- Stroke
- Loss of sight, or loss of a limb
- Major organ transplant
- Alzheimer’s disease
Having a policy in place to provide financial stability can help you to relieve any financial pressures and focus on your recovery. If you have dependents that rely on your income, critical illness cover allows you to provide financial support when you are no longer able to work.
There are two ways you can take out critical illness insurance:
- As a stand-alone policy
- As an “add-on” with life insurance
Stand-alone critical illness cover typically doesn’t payout on death. This is why many people choose to combine it with a life insurance policy as this means you can protect your loved ones should the worst happen.
If you decide to add it to your life insurance, the policy will usually pay out on the “first event” and then end. So, if you die, the policy will pay the sum assured and end, or if you are diagnosed with a serious illness covered under the policy, it will pay out the sum assured and then end. This can then mean you don’t have any remaining life insurance which could still leave your loved ones in financial difficulty when you die, so you may wish to have the policies separate.
We can help you to find the right cover for your needs. We will search the market for you and find the right protection for your unique situation and budget.
Get in touch today to find out more.
