Critical Illness
How would you manage financially if you suffered a critical illness?
Do you have any debts that would need to be repaid?
Cost effective solutions for your circumstances.
Whilst clients often appreciate the need for life assurance to provide protection for their dependants, the financial consequences of being diagnosed with a serious illness are less well appreciated but often just as important to consider.
Thought should be given to your financial position if you were to suffer a serious illness, particularly if it would result in a substantial and prolonged loss of earnings. This type of cover can often be of even greater importance to a single person than life assurance.
Critical illness policies vary enormously and so it is essential to try and ensure that you have the most suitable policy to suit your current needs and circumstances. The sum insured would be paid out should you be diagnosed with a specified critical illness within the term of the policy either as a lump sum or as a regular income. The appropriate level of cover depends upon your individual circumstances, although providing cover for existing liabilities (such as a mortgage) would normally be a high priority.
The cost of critical illness
depends upon the amount of cover required and the term as well as the age, sex, health and occupation of the life assured. Insurance which is based on an assessment of your health is unlikely to cover you for previous or existing medical conditions and you should refer to policy documentation and seek advice in order to understand what the policy does and does not cover before making an application.
As with most financial planning, the earlier the action is taken, the more cost effective the solution.
Our aim is to find out which company offers the most competitive premium but also to discuss the suitability of the product taking account of your own particular circumstances.
