What is Critical Illness?
- Critical Illness cover pays out a tax free lump sum in the event of you suffering from certain types of illness, or if you have to undergo certain types of surgery.
- Unlike life assurance you don’t have to die to make a claim.
Is it worth having?
- The lump sum paid out by Critical Illness insurance can be used to help with the extra costs incurred as a result of contracting a particular condition, eg to cover the cost of private home nursing after a stroke or heart attack, or provide monies to cover expenses while you are unable to work.
- Unless you have substantial savings, critical illness insurance may well make sense to you particularly if you have a debt such as a mortgage.
- Many critical illness policies will include cover for total and permanent disability. This pays out if you become unable to work due to permanent disability arising from any illness or injury (regardless of whether it is covered by the policy).
- This type of cover can be taken to cover ‘any occupation’ or ‘own occupation’ definitions. Please ask us for advice.
- As Independent Financial Advisers we can research the market and find the most appropriate and cost effective policy for you.
How much does it cost?
- The cost of critical illness insurance depends on age, sex, health, occupation, whether or not you smoke and the type of cover you need and how long you need it for.
- Premiums can be more expensive if you have a history of a particular illness within your family.
As IFA’s we can research the market to provide you with the most suitable product available.
For more information on critical illness contact Kate Beale on:
Tel: 01206 871120
Email: kate@bgafs.co.uk
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