As a customer in the UK, it's important to be aware of the financial risks associated with critical illnesses. Critical illness cover is a type of insurance that provides financial support in case of a serious illness. In this blog post, we'll explore the benefits and costs of critical illness cover.
Critical illness cover is an insurance policy that pays out a lump sum if you are diagnosed with a critical illness that is covered by the policy. It's important to have critical illness cover because it can provide financial support during a difficult time, helping you cover the costs of medical treatment and other expenses.
In the UK, critical illness cover is becoming increasingly popular as people become more aware of the risks associated with serious illnesses. According to a report by Cancer Research UK, there were over 367,000 new cases of cancer in the UK in 2019 alone. With these statistics in mind, it's clear that having critical illness cover can provide peace of mind for you and your loved ones.
What Does Critical Illness Cover?
Critical illness cover typically covers 36 critical illnesses, including cancer, heart attack, and stroke. If you are diagnosed with one of these illnesses, your policy will pay out a lump sum, which you can use to cover your medical expenses, pay off debts, or make any necessary lifestyle changes.
It's important to note that not all critical illnesses are covered by every policy. Before you purchase critical illness cover, make sure to read the policy carefully and understand what is covered and what is not.
Critical Illness Cover and Mortgage
If you have a mortgage, it's important to consider getting critical illness cover. This type of insurance can help you pay off your mortgage in case of a critical illness. If you are unable to work due to your illness, your policy will provide a lump sum that you can use to pay off your mortgage.
Having critical illness cover can provide peace of mind for you and your loved ones. They will not have to worry about losing their home if you are unable to work and pay your mortgage.
Critical Illness Cover and Life Insurance
While critical illness cover and life insurance are often sold together, they are two separate policies. Life insurance pays out a lump sum if you die, while critical illness cover pays out if you are diagnosed with a critical illness. It's important to have both types of insurance so that you and your loved ones are protected in case of an unexpected event.
If you already have life insurance, it's important to check whether it includes critical illness cover. If it doesn't, you may want to consider purchasing a separate policy.
Average Cost of Critical Illness Cover in the UK
The cost of critical illness cover varies depending on several factors, including your age, health status, and the level of cover you choose. On average, critical illness cover can cost between £10 and £50 per month. It's important to note depending on pre-existing or previous health conditions, after underwriting, the premium could be higher.
When comparing policies, make sure to look at the level of cover provided, as well as any exclusions or limitations. It's also important to consider the financial stability of the provider.
The benefit of Using an Independent Insurance Broker
An independent insurance broker can help you find the right critical illness cover policy for your needs. They can compare different policies and providers to help you get the best deal. Additionally, they can provide advice and support throughout the process.
Using an independent insurance broker can save you time and money. They can help you navigate the complex world of insurance policies and ensure you get the right policy for your needs.
In conclusion, critical illness cover is an important type of insurance that can provide financial support during a difficult time. It's important to consider getting critical illness cover if you have a mortgage or dependents. By using an independent insurance broker, you can find the right policy for your needs at an affordable price.
When purchasing critical illness cover, make sure to read the policy carefully and understand what is covered and what is not. Also, consider using an independent insurance broker to help you navigate the process and find the best deal possible.
In the end, having critical illness cover can provide peace of mind for you and your loved ones. It can help you cover the costs of medical treatment and other expenses, allowing you to focus on your recovery.
Speak to one of our friendly and experienced Greenshoots Financial team, who will discuss your situation and discuss the right options for you.
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