Do I need Critical Illness Cover?

Critical illness cover can prove invaluable if you are unfortunate enough to be diagnosed with one of the specified serious illnesses listed on your policy. It offers the reassurance that in these circumstances you will receive a lump sum which can then be used to pay off the mortgage or to meet your family’s monthly outgoings while you concentrate on getting better. The first priority of anyone with a partner, children or other dependants should be to take out life insurance. However, because this only pays out if you die it is important that you should also have either critical illness cover or income protection. And in an ideal world you will have both these additional forms of family financial protection. A single person should certainly consider the benefits of critical illness cover or income protection, even if they have no dependants.

To find out more simply give Albany Park Finance a call on 0203 540 5800 – or request a quote using our online form. We offer friendly, expert assistance over the phone, and a member of our fully-trained team will call you back to discuss your needs more fully.

What is Critical Illness Cover?

Critical illness cover pays out a tax-free cash lump sum if you are diagnosed with a qualifying illness listed on your policy. These usually include conditions such as some forms of heart attacks, cancers, strokes or kidney failure, or serious procedures such as a coronary bypass or a transplant. The one-off lump sum differentiates critical illness cover from income protection, which pays a regular income and also covers a wider range of health conditions. No-one wants to claim on these types of insurance – but you’ll certainly be relieved you took it out if you need to.

Types of Critical Illness Cover

Critical illness cover can be bought either as a standalone product or in combination with life insurance. Although critical illness policies are all basically designed to do a similar job there can be huge variations between the terms of one policy and another, so it is essential to read and compare details carefully to ensure that you take out a policy that is right for you.

The most important area for scrutiny will involve the illnesses covered by any one policy. Critical illness policies commonly cover at least 40 conditions, but it is important to note that there will inevitably be some serious conditions that are not covered. Some forms of cancer that are included on some policies may not necessarily be covered on others. There are also circumstances in which an illness must have advanced to a certain stage before a payout will be made.

To find out more simply give Albany Park Finance a call on 0203 540 5800 – or request a quote using our online form. We offer friendly, expert assistance over the phone, and a member of our fully-trained team will call you back to discuss your needs more fully.