Critical illness cover eases the financial pressure if you are diagnosed with a serious illness.
No one likes to think about being ill and how they would financially cope. With critical illness insurance, at least you know that you could still pay the household bills and additional medical expenses if you are unfortunately diagnosed with a serious illness.
What is covered?
Critical illnesses are serious ones like heart attacks, stroke, cancer and multiple sclerosis. A critical illness policy will explain exactly which illnesses are covered and what are not. Some policies will pay out for permanent disabilities caused by an accident.
You may receive a lesser sum for illnesses that are less severe.
Any existing conditions probably will not be covered and must be declared before the policy takes effect. You will not be covered in the event of a sudden death.
Who is covered?
The main policy holder is covered by the insurance, but some policies will cover your children as well.
Do you need critical illness cover?
If you have enough savings to pay for household bills and medical expenses, or your partner has enough income to afford these without your assistance, then you may not need insurance.
Your employer may have a sickness benefit package, in which case additional cover may not be required.
State sickness benefits will not be enough to pay your household bills or mortgage without drastically reducing your lifestyle.
How much does critical illness cover pay?
Critical illness policies pay out a single lump sum. The exact amount is decided when taking out the policy. The higher the amount paid, the more expensive the premiums will be.
On most policies, you will have to wait a month before receiving payment.
What can the lump sum be used for?
When the policy pays you the lump sum, it can be used for any purpose. You may need to pay for medical treatment or have your home adapted to your disability. It could be enough to pay off your mortgage.
How much does critical illness insurance cost?
There are many variables that insurers use when calculating the cost of a policy. These include your age, your current health, whether you smoke and whether you are in a high-risk job. The cost is also affected by how much you want the policy to pay out if you are ill.
Premiums can be guaranteed or reviewable. With guaranteed premiums, payments will remain the same throughout the life of the policy. Reviewable premiums are subject to increases every five or ten years.
Ascot Mortgages can find the best policy and price to suit your circumstances.
Where to buy critical illness cover
The best place to arrange critical illness cover is through an insurance broker.
Contact Ascot Mortgages today to discuss your insurance needs. We will search the market to find the best critical illness insurance deals for you. We can give you a quote in a matter of minutes and can quickly arrange for cover to protect you and your family.