Critical Illness Cover
Long-term illness often brings with it a long recovery period during which many patients are unable to work. This can be a real burden when there are bills to pay and loved ones to support.
If you have a Critical Illness policy you could receive a lump sum payment that will allow you to follow that advice. You can stop working, relax, concentrate on getting better, and not worry about the bills.
How it works
The policies pay out a lump sum if you find that you have any one of a number of specified conditions or need a named operation. Payment is normally made on either diagnosis, or if you survive a pre-determined time period following diagnosis, or progression to some specified level of seriousness.
The conditions covered vary from company to company, and you should check with the product provider to see exactly which conditions are covered, but will normally include:
- some forms of cancer
- some forms of heart attack
- stroke
- some terminal diseases
There will frequently be a long list of other conditions such as MS, Motor Neurone Disease, loss of sight, hearing and limbs, and others, the details of which may vary between insurance companies.
One important omission is Death.This may or may not be included. If excluded it will mean that while your premium will be lower, if for example, you die in a car crash, there will not be any payment. The reason for making death cover optional is that many people have sufficient cover from other policies, employers' schemes etc. and so prefer to use their own money purely for the cover they do need - Critical Illnesses.
We will help determine what cover you need, what sort of policy you need and help find the most suitable and cost effective insurance company.
Corporate Note - if you are a company and have valuable staff whose absence due to a Critical Illness would cause a problem, (e.g. the sales manager whose personal touch closes the business and who is laid off by a heart attack, or the technical specialist whose skills are essential to providing solutions for clients) then as a company you can insure the company against this. We will be pleased to discuss this with you.
The Team
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