Critical Illness is a policy designed to protect you if you were to be diagnosed with a critical illness during your policy's term. It pays out a tax-free lump sum - usually used to cover lost income while you take time out to get better however, the money can be used however you like.
Do you need critical illness cover?
None of us know what's round the corner and when it comes to health, many of us have sadly witnessed just how quickly life can change. The impact of having a policy in place to protect you and prepare you financially can potentially lift a huge burden through what will already be a difficult a time.
What financial responsibilities would you still need to pay should you find yourself critically ill and unable to work? It may be a mortgage (which will come with the added pressure of keeping your family in their home), general bills, loan repayments etc. If you don't have savings to fall back on then getting cover could be a good option for you.
There are alternative options available, such as income protection which you may find to be more suitable. Be sure to discuss your options fully with your adviser.
How much critical illness cover do you need?
This will depend on what exactly you want to cover and how much you are happy to pay per month for the policy. Your adviser will be able to produce policy illustrations for you and tailor it to your needs and budget if needed.
What does a critical illness policy cover?
There will be some variations between providers, and the severity of the diagnosed condition can affect whether your covered, but conditions may include;
Make sure you understand exactly what a provider is offering to cover within your policy.
Ready to speak with a protection adviser?
Give us a call today or drop us a quick message here and we'll be more than happy to help.
Need Financial Planning Limited is an appointed representative of Invicta Financial Solutions which is authorised and regulated by Financial Conduct Authority. You can check this on the FCA's Register by visiting the FCA's website www.fca.org.uk or by contacting the FCA on 0800 111 6768.
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