Critical Illness Cover is exactly as it sounds - an insurance policy that pays out if you have a specified serious illness. It gives you choices, such as making any necessary adaptions to your home, paying off debt, replacing lost income or providing for those you support.
Critical illness can be described as life insurance for those who don’t die. Health worries are the biggest threat to peace of mind, but they can be horribly compounded with financial concerns. Receiving a capital lump sum on diagnosis of a critical illness often relieves the immediate financial stress and paves the way to a speedier recovery.
Being diagnosed with a critical illness is a moment in life you hope will never happen, yet for many this nightmare becomes reality. A critical illness affects every aspect of your life, from your personal relationships, to your day to day hobbies, to your income. While insurance can’t help with all of these effects, securing your finances greatly improves the situation.
Unlike other policies (for example, Income protection), critical illness insurance provides a lump sum payment in the event of critical illness diagnosis. This allows you the flexibility to choose to repay debt, and/or maintain financial commitments already in place.
Many don’t consider the financial implications of a critical illness. Mobility may be affected, rendering stairs impractical and driving difficult. Private healthcare may move from a luxury to a necessity. You may have to change employment, or stop working entirely. The financial burdens will not only increase, but the means to pay them will dramatically alter. A lump sum payout in the event of a critical illness would offer the peace of mind that these scenarios will be met from a position of strength.
If you would like to speak to an LGBT-friendly adviser about critical illness cover or any other financial matter, please enter your postcode under the map on your right to find an adviser near you.
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