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Critical Illness Cover

Critical Illness Cover


No one wants to think about what would happen if you were struck down by a critical illness, but the financial implications for you and your family could be catastrophic. That is why it is so important to consider protecting yourself against such an event.

Critical Illness cover is designed to pay out a tax-free lump sum in the event that you are diagnosed with a specified illness during the term of your policy. In a time of great emotional stress, a Critical Illness policy can provide financial support to maintain you and your family's quality of life.

The most common claims are made for cancer, heart attack and stroke; however, a comprehensive policy will cover you for around 50 illnesses and may also include other illnesses such as Multiple Sclerosis, Alzheimer's disease, deafness, blindness or loss of limbs.

While price is important, it is worth considering value for money rather than just looking for the cheapest. Having a comprehensive policy is essential, and therefore the number of conditions on the policy is a good place to start, however they should not be your only comparison for quality of cover.

If you are a parent, Children's Critical Illness may be an important benefit which is designed to pay out a small lump sum if your child is diagnosed with one of the specified illnesses.

Some Insurers may have other free additional benefits, such as mastectomy cover, low grade prostate cancer cover or accidental hospitalisation benefit which may pay-out smaller lump sums if you are eligible without affecting your overall benefit.

Overall, you are five times more likely to claim on a Critical Illness policy than a Life Assurance policy. For this reason, Life Assurance policies will be a lot cheaper than Critical Illness cover, however do not be automatically put off by price. A smaller lump sum of Critical Illness, which fits to your budget, a couple of times your annual salary perhaps, may be significant enough to keep you and your family financially supported during such a difficult time.

If you or your clients would like further information please contact Scott Robinson, Financial Adviser, on 01548 856444 or email .  

Sabre Financial is a trading title of Sabre Financial Planning Ltd. Sabre Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. 





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