In recent years modern medicine has meant that more and more people are surviving a critical illness such as cancer or a stroke, heart attack; but may not recover sufficiently for them to return to full time work. This is where Critical Illness Cover is of benefit, as it is designed to pay a one off lump sum or a regular income if you are diagnosed with a qualifying critical illness during the term of the policy.
The finances received could be used to:
- Pay for the costs of the care and treatment
- Pay for recuperation aids
- Replace any lost income due to a decreasing ability to earn; or even
- Fund for a change in lifestyle
Critical illness protection can provide financial protection to the policyholder or their dependents on the repayment of a mortgage due to the policyholder contracting a critical illness condition.
According to the Cancer Research (dated 4th February 2015) UK, 1 in 2 people in Britain will be diagnosed with cancer at some point in their life and someone in the UK is diagnosed with cancer every 2 minutes.
If you were diagnosed today with cancer, a heart problem or suffering from a serious illness, would you remain independent or become reliant on others? Would you still be able to meet all of your financial commitments?
Critical illnesses cover and their definitions vary from company to company and can insure a range of illnesses, so we recommend that you obtain professional advice to ensure that you take out a policy that is suited to your exact requirements.