Critical Illness Cover is designed to provide financial protection upon diagnosis of a specific illness, medical condition or disability specified within the policy. In the event of a claim, it will provide you with a tax-free lump sum to cover all your living costs and expenses.
Critical Illness Cover is normally taken out for a set number of years with predefined benefits. Your premium will be based on the type, length and amount of cover you require, and will also factor in your age, health, smoker/non-smoker status, lifestyle and occupation.
Medium and long-term illnesses can place a huge strain on your family and your finances. How would you cope in the event that something adverse happened to your health? Factors to consider include:
Family
How would your family or dependants cope if you were incapacitated in the medium to long term? How would this effect your finances and specifically your ability to meet your monthly payments as well as your household bills and other living costs?
Mortgage
How will your mortgage be paid in the event that your health prevents you from working for a prolonged period of time? Do you have significant savings or other means of income that you can fall back on? If so, how long would they last you without your main source of income?
Your Current Cover
There are lots of different types of policies out there, some with more exclusions and small-print in them than others. When did you last review your policy (a lot has changed since Covid!) If you are part of your employer’s scheme, how much protection does this give you? Is it enough to live on and cover your outgoings?
To ensure that you get the protection that is most appropriate for you and your family,
The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.
Financial Services Warehouse Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Financial Services Warehouse Ltd is registered in England and Wales with company number: 8737701.
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