Most people looking to protect themselves, and their families, start off by protecting their life.
Life cover pays a lump sum if the person protected passes away whilst the policy is in force.
This is a great first step but at Premier Choice we advise that Critical illness cover is just as, if not more important to the client.
In the ever advancing medical world, illnesses that historically would have been considered life threatening are now much more survivable. However, surviving a serious illness can still mean that your quality of life is greatly affected, as might your ability to work and maintain an income.
In this type of scenario critical illness cover is vital.
So what is critical illness cover?
Critical illness cover is the type of insurance which pays out as a one-off lump sum if you are diagnosed with a life-threatening illness.
It’s an insurance policy that provides you, the policy holder, with peace of mind that the mortgage could be paid off, that you could take time off work while you recover, or go part-time to allow you to spend more time with your family, or enable you to make any changes to your home that may be needed following diagnosis.
The lump sum payment you receive when you claim is for you to spend in any way you wish.
When would you need critical illness cover?
Many employment contracts will include a sickness policy, but this is likely to be for a short period of time after which you’ll be expected back at work, or to fend for yourself.
You may of course have your own income protection policy in place, a great fall-back for ongoing help to replace a lost regular income.
But when you have a serious life-threatening illness you may need access to spare cash right away. And without savings to fall back on, there may be no way for you to have that access.
It is at times like these where your critical illness cover comes into play.
It will give you a one-off lump sum of money to cover those unforeseen costs, such as adapting your home to allow for wheelchair access, and more importantly it gives you the time and finances you will require to “Fight to Get Fit” without money worries.
Does everyone need critical illness cover?
Yes and no.
You may feel it’s not necessary if you have savings or a partner who will be able to cover all costs that arise. But of course, that’s assuming you want to use those savings or rely on your partner for the long-term.
On the other hand, you may not have savings or a partner to fall back on.
Research shows that two out of five households have no savings at all, and the average UK household only has enough financial backup to last for a period of 18 days before being reliant on some form of assistance.
What does it cover?
Each critical illness policy is different, and illnesses such as chronic diseases, may not be covered.
In general, all policies cover cancer, heart attack and stroke. However there may be a clause to specify the severity of the illness.
It is important to speak to an independent advisor to find out the most appropriate policy for you.
Don’t leave it until it’s too late. Give you and your family the security it deserves with critical illness cover – Contact Premier Choice.
Contact Us Today
Want to know more? Call free on 0800 970 1618 or click on the link below to enquire online. Speak to a member of our team to see how we can tailor a package to suit your specific needs and receive a FREE no obligation quote.