Being diagnosed with a critical illness can happen when you least expect it and while focusing on your health is the priority, financial worries may add extra stress. Critical illness cover can provide vital financial support if you’re unable to work due to a specified serious illness.
Critical illness insurance pays out a tax-free lump sum if you’re diagnosed with one of the conditions defined in your policy. This could include cancer, stroke, heart attack, multiple sclerosis, and motor neurone disease. The payout could help cover loss of earnings, pay for private medical treatment, or allow you to adapt your home. With some policies you can claim more than once for unrelated conditions.
Choosing the right level of cover is crucial. Think about your outgoings and how long you could cope without your salary. Specialist financial advisers recommend cover equal to 12 times your gross annual earnings. Those with an outstanding mortgage may want enough to clear this debt. Adding a decreasing term with your mortgage repayments covered can give peace of mind.
Critical illness plans can seem complex with varying definitions for each condition. We will explain what’s covered in detail so you know exactly when you can claim. Pre-existing conditions may not be covered depending on your medical history too. So being open about your health will get you accurate quotes.
Financial protection for you and your family deserves proper consideration. Why not contact Gavin Tank London today? We will guide you through the options to find a tailored critical illness cover plan that meets your needs and budget.
