Critical Illness Cover is a form of life insurance that provides a tax-free lump sum that will help cover essential costs of living in the event of you getting a critical illness preventing your return to work and affecting your financial security.
Critical Illness Cover is a form of life insurance that provides a tax-free lump sum that will help cover essential costs of living in the event of you getting a critical illness preventing your return to work and affecting your financial security.
Critical illness insurance is there to cover you if you are diagnosed with one of several pre-defined conditions. These conditions usually include cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke, although it is always advisable to check the wording of your policy carefully to ensure that you understand the full extent of your cover.
People often confuse Critical Illness Cover (also referred to as “CIC”) with Income Protection Insurance. A Critical Illness Cover pays out in one lump sum if you’re diagnosed with a critical illness, whereas income protection insurance pays out in the form of monthly instalments, with the amount received depending on the salary you earned before you were forced to stop working.
When you take out Critical Illness Cover, you’ll be asked whether you want your cover to be integrated with or independent from your life insurance policy. If you choose an integrated policy, your provider will only pay out once. This means that if you need to claim for Critical Illness Cover, you or your family will not be able to make a life insurance claim on the same policy.
Critical Illness Insurance is designed to cover you if you are diagnosed with one of several pre-defined conditions. These conditions usually include cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke, although it is always advisable to check the wording of your policy carefully to ensure that you understand the full extent of your cover.
People often confuse critical illness cover with Income Protection Insurance. Whereas a Critical Illness Cover pays out in one lump sum, income protection insurance pays out in the form of monthly instalments, with the amount received depending on the salary you earned before you were forced to stop working.
As well having a panel of mortgage experts we are also permitted to provide Life Insurance and Critical Illness Cover. Because we are completely independent we can search the whole of the market and place you with the Life Insurance and Critical Illness Cover provider best suited to what you need.
We work for you not the lender and will act solely in your best interests. You can therefore be confident that the Critical Illness Cover we recommend will be the best available product to suit your individual personal circumstances.
At Your Mortgage Options we leave no stone unturned in our whole of market research. We also handle the whole process end to end, including all the paperwork, solicitors and conveyancing.
We take the time to understand your individual circumstances. This helps us to find the right mortgage that works for you and your family. We will assess all that you can realistically afford and guide you through Your Mortgage Options.
The cost of Critical Illness Cover is tailored to your personal circumstances and how much you need to be covered for. There are also factors which determine the price such as whether you are a smoker, your weight and your family history for conditions such as cancer.
The way Critical Illness Cover works is that if you are diagnosed with one of the policy’s predefined conditions, you will receive a tax-free lump sum
More than a third of us will be diagnosed with cancer at some point in our lives and despite medical and technological advances, we can still be rendered to sick to carry out the day to day activities required of our working lives. Critical Illness Cover can be a lifeline in such times.
Speaking to an expert earlier on in the application process gives us more opportunity to help you look across the whole of the market and to carefully assess your situation to find the right cover for your individual circumstances.
