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What is critical illness insurance?
Critical Illness cover is designed to pay you out in the event of you being diagnosed with having a specified illness within the policy period. It will then pay you out an agreed amount, which was set out at the beginning of the cover, as a tax free lump sum. This will be paid out, regardless of whether you are still able to work or not and indeed you do not have to pay this back in the event of you making a full recovery either!
The range of specified illnesses covered along with their definitions differs from life office to life office but broadly they are similar, the most common specified illnesses are Heart Attack, Stroke and Cancer.
Critical Illness cover can be provided as a stand alone policy, or in conjunction with Life cover for example.
Many clients are now taking out both Life Insurance and Critical Illness cover in order to protect their mortgage, as they feel that if they were to get one of the specified illnesses during the mortgage term, they are concerned that the illness may well develop to preventing them from working at some point, maybe even immediately, and being aware that they would still need to make their monthly mortgage payments, take out the cover for piece of mind, knowing that they would be able to pay off the outstanding mortgage with the lump sum payment they would receive from their Critical Illness cover on diagnosis of a specified illness covered within their policy.
At Bluewave Finance, we are able to find a policy that will suit your personal circumstances. Click apply here or call us on freephone 08000 25 50 22 to apply for this cover through us.
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