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!