Q. What is a Critical Illness policy?

A. A Critical Illness policy can be used to pay out as a lump sum or a monthly benefit on diagnosis of a specified critical illness.

Everyone knows someone who may have had  Cancer, Stroke, Heart Attack etc.. Unfortunately we are likely to get a Critical Illness before we die. This could also be at a very premature age, which means we may have to take time off work or stop working altogether. This could leave you with a mortgage and a family to pay for.

Dependent on your work, some receive sick pay from work or would have to rely on state benefits. In most cases, state benefits is not enough to keep up the repayments on your mortgage or put food on the table.

Critical Illness to Protect your Mortgage

Same as Life Cover, if you have a Capital and Interest mortgage, you can have Critical Illness Cover as a decreasing policy that would run alongside your mortgage and repay any outstanding debt at the time of claim of a specified Critical Illness.

You can also have the policy as a level term policy if you have an Interest Only Mortgage.

All Critical Illness’s are specified by the particular insurance provider you have your policy with.

Family Protection for Critical Illness

Critical Illness can also be taken to pay out to give additional cover to pay for costs of bringing up children, having extra income.

Additional critical illness can be used to help you cover the potential costs of medical care and treatment, at home or abroad or to adapt your home in the event of critical illness or disability.

To be sure give us a call and we can talk you through it. Alternatively do your own quote online now.