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Q: Who needs critical illness cover? A: Everyone eventually Critical illness is a protection policy that pays out on the diagnosis of illnesses such as Cancer, Heart Attacks, Strokes, etc. It can be written as a separate stand alone policy or as an add-on to a life policy such as Term Assurance, Mortgage Protection and Whole Life Assurance, etc. For instance, a mortgage can be protected by life assurance which would pay out a lump sum on the death of the borrower or one of the borrowers in the case of a joint policy. By adding critical illness to the policy it would pay out a lump sum should the borrower or one of the borrowers suffer an illness such as a heart attack or stroke or be diagnosed with cancer. Any one of these or many other critical illnesses may not result in death, but may necessitate not being able to return to work, thereby causing a financial burden on the family. This type of policy is not designed just to cover a mortgage, it can provide a lump sum to convalesce, take a holiday, pay off ancillary debts, or support the family, etc. These policies are also an extremely important addition to business protection, i.e. Keyman Assurance. Critical illness policies should not be confused with Terminal illness cover which is usually an automatic add-on to several types of life policies, and only pays out early if the insured is diagnosed as suffering an illness that they will die from within twelve months. There are many variations to these policies and Independent Financial Advice is extremely important. We will advise on the correct policy to match individual circumstances. Please contact us for a free impartial advice and quotation. If you wish
to telephone us, please call 020 8763 2000 |
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