Independent Critical Illness Insurance Advice
It's easy to assume a critical illness isn't going to happen to you, but should the worst happen, you can ensure that your loved ones are protected and ease any financial concerns while you deal with your diagnosis. Critical illness insurance will pay out a lump-sum if you are diagnosed with or undergo surgery for a critical illness during the term of the policy.
This may be used to pay off any large financial commitments such as a mortgage, fund treatment and healthcare requirements, to make modifications to your home, or allow you to give up work so that you can spend time with your loved ones and focus on your recovery.
Policies typically cover between 30-60 illnesses or conditions, with the most common diagnosis’s being cancers, strokes and heart attacks. Critical illness cover can also be added as an extra when you take out life insurance, which may give you the additional protection and peace of mind.
What's the difference between critical illness cover and life insurance?
Critical illness cover provides financial support in the event of a specific medical diagnosis, helping you and your loved ones cope with the financial pressures that come with this.
This coverage offers a lump-sum payment that can be used to cover treatment costs or other expenses.
It's important to note that critical illness insurance typically doesn't provide a pay-out in the event of your passing, which is where life insurance becomes relevant.
Life insurance is designed to assist your family in maintaining their standard of living after your departure, including covering expenses like mortgage payments or the cost of bringing your children up for example.
Additionally, it's worth noting that both life insurance and critical illness cover offer a one-time pay-out upon a valid claim and cease thereafter. These policies hold no cash value at any point, and if your stop paying your monthly premiums then your coverage terminates.
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