Critical Illness Cover, along with other wealth protection policies such as Income Protection and Life Cover are hot commodities in these times. Critical Illness Cover means the promise of financial assistance during a time you need it most, so what’s stopping you from securing coverage?
This does not constitute advice and advice should be sought in all instances before acting on it.
With the number of confirmed cases and deaths continuing to rise daily, a huge number of the UK public, and front line health workers, have been affected by COVID-19.
Coronavirus may have impacted availability and terms of policies, but the message from us remains the same: consider a Critical Illness policy if you can, and if you have one already, now is a good time to review your cover.
Critical Illness Cover – an overview
Critical Illness cover provides money for a claimant to use towards mortgage payments, rent, bills, or even groceries.
Compared to Income Protection, these policies are more selective in the illnesses they cover so it’s important to ensure any condition you may be concerned about is included.
Don’t forget to read your policy carefully – especially with the current coronavirus outbreak – there are certain eligibility requirements that must be met in order for your claim to be successful.
With Critical Illness Cover, you can only make one claim throughout the life of your term and you get one lump-sum pay out.
Real-life benefits
While it saddens me when clients become ill, I always feel relief that we can do something to help and take away any financial strains.
If you are interested in the real-life benefits of how Critical Illness cover can protect you and your family, read our clients’ case studies and consider how you might cope in these situations.
Here’s what two of our valued clients say about their experiences in their own words:
Dr. AG:
“…I developed a life-threatening illness last year, that was termed, a TERMINAL ILLNESS called Cardiac Amyloidosis. As a result, I claimed from the Critical Illness Insurance cover that paid out just under £130,000, which, together with some savings allowed me to pay off the mortgage completely.
Subsequently, we now live mortgage-free.
So far the treatment I have had, chemotherapy, has helped to improve my condition for the time being. I may still have to have further treatment to keep alive, but at least I know that my wife will not have any difficulty keeping a roof over her head.”
Dr. Neil Haughton:
“Over the years, Darren has periodically and diligently reviewed my insurance requirements, replacing or topping up my cover as my circumstances have changed and taking advantage of the latest products to suit my occupation as a medical practitioner; the last substantive review in 2016 resulted in an overhaul to reflect my personal and business financial requirements and his recommendation took advantage of the very latest insurance coverage.
Darren’s diligence when it comes to prioritising my personal and business financial protection really has paid off, as in January 2020 changes to my health meant that I had to make a claim against my critical illness cover.
We will all make adjustments to our lives following any serious health issues, but with the benefit of financial protection, my financial future is now more secure and the flexibility this affords me is hugely reassuring.”
In need of assistance?
It’s an incredibly tough time, but we’re all in this together. Critical Illness policies are in high demand but screening questions centred on coronavirus might make it difficult to secure coverage.
Some insurance providers have made policy changes to prevent unfair discrimination against healthcare workers, but if you need assistance obtaining coverage, we’re here for you. We can help you find a new policy or upgrade your existing policy for better coverage. If you have any questions, don’t hesitate to reach out.
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