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Critical or serious illness cover can help to provide vital financial security as it pays out a tax-free cash lump sum, usually amounting to several thousands of pounds, if you are diagnosed as having one of the illnesses specified in the policy. This support removes the financial strains and worries that are so often a consequence of an unexpected life changing event, allowing individuals and their family to focus on coping with the other challenges that may be involved.
Critical illness policies are often combined with general life insurance and cover can be for a single person or on a ‘joint life’ basis, i.e. for two people. Many critical illness policies now offer cover for children as part of their insurance, meaning that should your children fall critically ill they will be covered under your policy, and you'll receive a lump sum pay-out. It may give you peace of mind to know that both you and your children will be financially covered should the worst happen.
The good news is that medical advances mean more people than ever are surviving conditions that might have killed earlier generations.
How much critical illness cover do I need?
As always, this depends on your individual circumstances and goals. For example, if you are taking out the policy to ensure your home is protected, you need to have a policy big enough to pay off your mortgage. However, the tax-free payout can be used any way you like and could be used to cover your living expenses, financial commitments or to help with the extra costs that often result from serious illness – for example:
- Any medical treatment you might need
- Adjustments to your home
- Specialist equipment
- Care services
- Income top up
Will the state take care of me?
Don’t expect the state to replace your income if something goes wrong. Welfare benefits range from around £70 a week to just over £100 a week, depending on your circumstances (i.e. whether or not you have children, a certain level of savings, or if your partner works).
If you are a single person with no dependants, critical illness cover could be more valuable to you than life insurance, because it will pay out a lump sum if you become ill rather than paying out to those who rely on your income to survive. It would be worth considering how your family would cope if you became ill and were unable to work, and whether or not they would have the means to care for you.
Blackstone Financial Solutions will be delighted to talk to you and take the time to ascertain your needs and financial circumstances before advising on the best product from our carefully selected panel of leading insurance providers. We will also be able to recommend the right level of benefits to ensure that your financial commitments are fully covered.
Who knows what life may have in store for you
None of us know what lies ahead. Knowing the risks you face and how likely you are to suffer a serious illness or premature death can help you to understand the importance of protection. Courtesy of LV, enter just a few personal details on their Risk Reality Calculator to see your chances and the risk reality results for you.
There is no investment element to a critical illness policy. As with all insurance policies, conditions and exclusions will apply.
Blackstone Financial Solutions will help you to plan for a more secure future.
Call our qualified protection adviser now on Bristol 0117 403 0097.
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