What is Critical Illness Insurance?
Critical Illness Insurance is used in a lump sum when a big health event such as certain forms of cancer, heart attack, or a stroke happens to you. It provides a financial blanket in case you become ill from any of the illnesses stated in the policy. Not all serious illnesses are covered in the policy, which insurers often get criticised for, however, your policy will have more information on this.
Sometimes a claim may be denied due to the claimant not disclosing certain health conditions at the time of application. This does not apply to conditions you were unaware of, or were not present at the time of application.
The lump sum is paid out providing the condition is mentioned in the policy. This applies even if they have or are able to return to work.
What the claimant does with the lump sum, is entirely up to them. Many use the money to repay their mortgage, pay for medical care or make any developments to their home.
If you are looking into Protection Advice in Hull, it’s always recommended to speak with a qualified Protection Specialist prior to taking out any type of cover. You are more likely to claim on Critical Illness Cover than you would be with Life Insurance, so this can be more costly. Your Protection Specialist will help you find the most favourable deal.
There is a higher chance of you surviving the types of conditions covered than it was 30 years ago. If you do unfortunately become ill with any of the conditions, this can create financial hardship, especially if you have a mortgage, children or any large credit commitments.
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- Critical Illness FAQs
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Common Critical Illness FAQs in Hull
As a Protection Advisor in Hull, we understand that each person’s lifestyles are different to one another, however, this doesn’t mean that unforeseen circumstances won’t occur, leaving you in need of financial support.
Critical Illness Cover can help you cover your finances in these situations. It is common for employers to provide sick pay to their employees, however, this doesn’t last as long as it’s offered for a limited period of time.
Why should I get critical illness cover when I have life insurance?
With today’s medical advances, if you get critically ill, you are more likely to survive and recover. As mentioned, the lump sum can be used for anything. Some people use it to fund recovery, pay bills and relieve general financial stress.
Can I buy a Critical Illness cover for both me and my partner?
Joint critical illness cover is an option that is there for if you or your partner gets critically ill, providing you with the funds you need. The one drawback for this is that it will pay out in full, even if only one of you gets critically ill.
How does critical illness cover differ from income protection?
Critical Illness cover is paid out in a lump sum if you become ill with any of the conditions listed on the policy. This is done to support you and your family, whereas income protection is paid out in the form of an ongoing income. This is helpful in the event of being unable to work and has the option to be paid all the way to retirement age.
Unlike critical illness cover, income protection will be guaranteed to pay out if you are unable to work. This will be carried on until you are able to work again or if you die.
Why Choose Us for Critical Illness Advice in Hull?
Our qualified Protection Advisors in Hull, provide a tailored service that can help you find the best cover for you and your circumstances. Furthermore, we understand that affordability is key, which is why we find the type of cover that is fitting for your family’s priorities and budget.
All our customers are offered a free, no-obligation protection review which involves speaking to one of our Insurance Advisors in Hull who will assess your suitability as well as look into existing policies in place. Remember, insurance could be very beneficial for your future.
Take a look at our fantastic reviews by heading over to our reviews page. You may find that someone has been in a similar situation to you before and we have been able to help.
If you are looking to take out a menu plan (one or more insurances at once) we can also help with that! All you have to do is get in touch with our team and we can run through some quotes with you.
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Richard
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