Critical Illness Cover
Critical illness cover provides a tax-free lump sum payment if you are diagnosed with one of the serious illnesses specified in your policy, such as heart attacks, strokes, or certain cancers. Choosing the correct provider is paramount in ensuring you have the right cover. Use our calculator below to get an idea of what may be availble.
The prospect of a critical illness can be daunting, not only because of the health challenges it presents but also because of the financial strain it can place on individuals and families.
As the statistics indicate, many people will face serious health issues at some point, and being prepared can make a substantial difference.
Critical Illness Insurance can provide a crucial safety net in such scenarios.
This type of insurance offers a lump sum payment upon diagnosis of a specified critical illness, such as cancer, heart attack, or stroke. Critical Illness plans incorporated within your mortgage protection arrangements are designed to be off your mortgage in full.
You can also have personal plans, where the funds from a payout can be used for a variety of needs, including:
1. Living Expenses: Covering everyday costs like mortgage or rent payments, utility bills, groceries, and other essentials, which continue even when one’s income may drop significantly.
2. Home and Lifestyle Adjustments: Adapting one’s home for accessibility, or even making necessary vehicle modifications, can be costly but essential for comfort and mobility during recovery.
3. Recovery and Rehabilitation: This might include physiotherapy, counselling, or other services to aid in recovery, as well as costs associated with taking time off work or reducing working hours.
4. Family Support: Funding for childcare or support for other family members who the illness may impact.
In summary, while a critical illness can be a devastating personal and emotional experience, planning financially can alleviate some of the stress associated with managing life during such challenging times. Critical Illness Insurance offers financial protection, ensuring that individuals and their families can focus on recovery without the added burden of economic insecurity.
