If we feel fit, healthy and on top of the world, we don’t think that a critical illness is going to happen to us. But it can and does.
If the unfortunate does happen, it is important to make sure that you are financially protected against the implications of what a critical illness could have on you and your family. Critical illness cover can be added on as an additional cost when you take out life insurance, which starts from as little as £6 a month.
Critical illness cover is a form of insurance which pays out a tax-free lump sum in the event that you are diagnosed with a specified illness or medical condition during the term of the policy.
The cover gives you the financial relief to be able to use the money you receive for any purpose you like. You can travel the world, pay off debts or use the money to replace income that may have been lost. People also use the money to make adaptations to their home or lifestyle to cope with the condition.
The specific illnesses that are considered for a payout do vary from insurer to insurer, but the definition is generally considered as an illness that causes permanent change to your body, lifestyle or ability to live life e.g. cancer, dementia, heart attack.
The payment of a lump sum during illness rather than on death can provide a significant improvement in lifestyle, helping to alleviate the consequences of physical or mental weakness, so it is an additional cover that really is worth considering.
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