Insuring against critical illness
A man has a one in five chance of suffering a critical illness before retirement age. For a woman it is one in four
Source: thisismoney.co.uk
Unfortunately the statistics show that the likelihood of you suffering a critical illness is a real risk. Whilst we all hope that this will not happen to us, you need to be aware of the likelihood and cost of insuring against this for your family in order to make informed decisions.
The top critical illness causes are heart attack, cancer and stroke. The following charities’ websites provide the statistics:
A critical illness could require drastic changes to your family set up and the last thing you need at this testing time is the worry of financial insecurity.
Critical illness cover provides you with a lump sum (as determined by you) on diagnosis of one of the pre-determined illnesses. These usually include illnesses as well as the top three above including Parkinson’s Disease, Alzheimer’s Disease, blindness, coma, deafness, kidney failure, major organ transplant, multiple sclerosis, third degree burns and total and permanent disability.
The cover can be used to pay off your mortgage or provide you with a financial cushion to supplement / replace income in the short-term. In addition or alternatively it can assist with the costs a critical illness may bring around care, home alterations and/or treatment.
In addition a number of these plans provide you with access to specialist medical experts to compliment the financial well being with medical advice relating to your specific illness.
Not all plans offer the same level of cover with different conditions available and we can advise in relation to the most appropriate type, level and cost for your family circumstances.
If you would like to discuss this area further, please contact us and we can talk through your questions and options.
Contact Us
Telephone: 0800 043 5440
Email: info@parentguidetomoney.co.uk
