A Short Guide to Critical Illness Cover

What is Critical Illness Cover?

Critical Illness cover can help you prepare for when life throws the unexpected your way. 

In short, it is a form of insurance that pays out a lump sum if you are diagnosed with a critical illness. Payments are usually free from income and capital gains tax.

Points to Consider

Choosing the correct Critical Illness Cover for you and your family is extremely important. Here are some points you should consider:

  • Does the policy cover your children and if so until what age?
  • Do you need a single or joint policy?
  • How comprehensive is the plan in terms of the number of conditions covered?
  • Is there a counselling service to help you when the going gets tough?
  • Does the policy offer good additional conditions cover? 
  • How often can you claim on additional conditions cover?

Common Reasons to Claim

Zurich Assurance stated that in 2015 their most common reasons for claim were:

  • Cancer at 59%
  • Heart attack – 13%
  • Stroke – 7%
  • Multiple Sclerosis – 5%

Why consider critical illness cover? 

Protecting our possessions with insurance is something we all do. You have no doubt insured your home, your car and even your gadgets, but what about insuring yourself?

Being struck with an illness can mean that your finances are immediately affected, particularly if you are no longer able to work. Your family’s financial well being is important.

It’s not pleasant to think about, but planning ahead to protect your finances against the impact of a critical illness is vital.

When purchasing any form of insurance we always recommend you speak to an expert advisors, you can contact us via our live chat function on our website or call us directly on 0208 364 3444.

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