CRITICAL ILLNESS COVER
WHAT IS CRITICAL ILLNESS?
Critical illness cover is an insurance that is designed to pay out a lump sum of money to you should you have a critical illness that meets the insurance providers definition and is listed in your policy. Examples of Critical Illnesses include Cancer, Heart Attack, Stroke and Dementia.
The cover is there to provide funds if you or your children become seriously ill; so you can continue paying your mortgage, electricity, childcare fees etc. Unfortunately your bills don’t stop when you become ill. Critical Illness cover provides peace of mind so you can focus on your health/recovery and not your finances.
ONLY ONE TYPE OF COVER, YOUR COVER
The right time to plan for your future is when you are healthy. Once you become ill, your options become limited. Critical illnesses are life altering diseases and chances are you know someone with a serious illness at this moment. They are not rare and the statistics are too frightening to mention. The amount of critical illness and definitions for each critical illness policy can vary drastically between insurers.
At Manley Financial, we can help provide the correct cover for you. The Critical Illness policies are constantly being updated to cover new conditions and we will ensure we fully understand your needs and will recommend the best product to protect you and your family.
WHAT POLICY LENGTH IS BEST?
The length of a critical illness policy varies depending on your personal circumstances (how much you can pay each month) and how long you want the policy term to last (as most policies will end automatically once you have made a claim).
You may decide to arrange a policy that will run for the same length of time as the term of your mortgage or alternatively, you could calculate the length of cover based on how long your dependants will need financial support from you should you become ill.
WHO NEEDS CRITICAL ILLNESS COVER?
Everyone needs Critical illness cover; but those who may need it more are those who live month to month and are very dependent on their salary to support themselves and their family.
The cover is for people who do not have enough savings to live on if they were to become seriously ill and those whose jobs will not cover you for a long period off work due to illness. State benefits may be available; however they usually come in around £70 - £100 per week which you may feel will not cover your bills.