You only have to look at the stats surrounding certain critical illnesses to understand how important it is to have financial provisions in place. It’s not something we like to think about and believe it will ever happen to us but the harsh reality is 1 in 2 of us from now will get cancer according to statistical research from Cancer Research UK and that’s just one condition a Critical Illness Cover policy will cover. In addition to cancer, policies we recommend will pay out a lump sum for conditions such as heart attack, stroke, multiple sclerosis, benign brain tumours and many more, all of which can have a catastrophic effect on the livelihood of you and your family. Critical Illness Cover will protect you financially if you suffer from a wide range of critical conditions or long-term disability.
What is Critical Illness Cover?
Critical illness cover is usually taken out with life cover, or by itself as a long-term policy which pays out a tax free, one off payment when it is needed the most. The payment can help pay off a mortgage, rents, debts, and liabilities or provide you with a financial sum to make any necessary alternations to your home, for example, wheelchair or stairlift access, should you need it. It can also be used to supplement your income if you are unable to work for a while. To decide on the right level of cover, our advisers can help assess your current financial situation and make a suitable recommendation, to cover your needs as comprehensively as possible.
Critical Illness Cover for Children
In the unfortunate circumstance that one of your children is diagnosed with a critical illness, financial stress is the last thing you need. It often doesn’t occur to parents, but the financial, as well as emotional impact of your child becoming seriously ill and the sudden loss of income that is required to take time off to care for them can be immense. If you have children and this is a concern to you, our advisers can recommend options that will include cover for this and give you peace of mind that if this situation was to arise, you would have the financial stability to focus solely on your child getting better.