What is Critical Illness Cover?
Critical illness cover is special insurance policy that pays out to the policy owner a one off and tax-free lump sum if the life assured is diagnosed with a serious illness. Conditions covered include diagnosis such as cancers, heart attack, stroke, MS, paralysis or long term permanent disability which would stop you from working. Importantly, it is paid immediately on diagnosis even if a full recovery is likely and expected!
It will provide protection and financial support for you and your loved ones during difficult times and ease some of the financial stress, allowing more focus on your recovery, own health and wellbeing.
Once you have received your lump sum, you could either use it to support your recovery, recuperate at leisure, make changes to your property if required or even plan for investment, perhaps to provide an income if you are then unable to return to work!
Benefits of Critical Illness Cover
The money can be used to:
Pay off debts
Pay off the mortgage
Provide a source of income
Help with ongoing medical costs
Aftercare & rehabilitation
Make changes to your property
Ease financial stress
Protect your loved ones
How can we help?
Our advisers will :
Advise you on the best policy for you & your family
Check you already have enough cover
Provide you and your family with complete peace of mind
Advise on any tax relief measures that may be available
Provide guidance throughout any claims process
Ensure you receive any proceeds quickly and without fuss
Help to invest the proceeds if you wish
Liaise with solicitors to seek recompense
How does it work?
Before taking out your policy there are factors you will need to consider. Who can than policy cover and how long will it last? What will the payout be and how much does it cost? How can I pay?
Premiums for critical illness cover is usually paid monthly with the policy providing specific cover over a fixed period of time. The policy can be taken out individually or jointly. However, if the policy is taken out jointly it will usually only pay out when the first person is diagnosed with the critical illness covered and then cease.
At the start of the policy you can choose the type of cover and amount needed.
Level Cover – this is where the payout stays the same over the duration of the policy.
Increasing Cover – this is when the amount covered will increase each year by a certain % in line with RPI.
Decreasing Cover – this is when the amount covered will reduce each month in line with the amount owed on a debt, usually a repayment mortgage or loan of the same interest rate.
You also have an option to add Life Insurance Cover to your plan at an extra cost if you wish.
Financial Fortress will answer your questions, listen to your needs, and subsequently make the best recommendations for your circumstances.
What conditions a typical Critical Illness Cover plan can include?
For further information on our process head over to the about us page!
What you get with Financial Fortress
Authorised and Regulated by the Financial Conduct Authority
No cost or obligation meeting for everyone! We offer personalised advice via your own named and dedicated adviser, either in person, over the phone or using modern video-conferencing!
Ready to discuss Critical Illness Cover?
Call us on 01244 319962 or email email@example.com