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Building and protecting your wealth

About Critical Illness

Most people are not comfortable thinking about ‘what-if’. Such as, what will we do if one of us becomes too ill to work? Or, what if one of us passes away, how will we cope?


This does not constitute advice and advice should be sought in all instances before acting on it.


Facing reality

However, these things can happen, and the likelihood of it happening to you can be quite high. According to NHS UK, the top five causes of premature death in the UK are:

  • cancer
  • heart disease
  • stroke
  • lung disease
  • liver disease

According to the British Heart Foundation, in the UK, around 160,000 a year die from Coronary Heart Disease. And, research by Cancer Research UK has found that as many as one in two of us born in the UK after 1960 will develop some form of cancer in our lifetime.

This is quite a scary thought. So, it’s better to be financially prepared for it. And, critical illness can help with this.


Critical illness explained

A critical illness policy will pay out a lump sum on the diagnosis of a defined critical illness during the policy term.

Illnesses typically covered in a policy include; cancer, heart attacks, strokes and sometimes things such as; major organ transplants, Parkinson’s disease, deafness and bacterial meningitis.

Critical illness can be beneficial for several groups of people.

If you are single and have a mortgage, a critical illness policy could help cover the mortgage payments if you do become ill.

If you have children, the money paid out by the policy could help make sure they are taken care of.

Recovering from an illness can impact on your life and that of your family. The money could be used to make adjustments to your house to help with your recovery.

If your family rely on your salary to pay for things like the mortgage and monthly bills, critical illness can provide great relief that these can be taken of if you do become ill.


How much does critical illness cost?

The amount you can expect to pay for critical illness will depend on the level of cover you require, terms of the policy and the current status of your health.

For example, the cost may increase the older you get or if you have pre-existing medical conditions.


Discuss your requirements with a specialist

Dental & Medical Financial Services have been helping doctors and dentists with protecting their income and wealth for over 25 years. Call Darren to discuss your options.

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Tel: 01403 780 770

 

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