What is it?
Critical illness cover is a type of insurance policy designed to provide financial support if you are diagnosed with a serious illness. Critical illness cover offers several significant benefits that can provide peace of mind and financial stability during challenging times.
Best with others
Critical Illness Cover is normally taken alongside Life Insurance to add a layer of additional benefit for the policy holder.
The hope is that the critical illness policy can cover the costs to help you get over the illness or condition, through ensuring financial stability whilst you deal with getting better, and if arranged with seperate life cover, can mean that you are still covered should the worst happen.
What can it help with?
Critical Illness cover allows assistance in times of need.
Protection for Mortgage Payments
One of the significant uses of the lump sum payment from critical illness cover is to protect your mortgage payments. Falling behind on mortgage payments due to illness can lead to severe consequences, including repossession.
The payout can be used to keep up with mortgage payments, ensuring that you do not lose your home during recovery.
Supplement to NHS Care
While the NHS provides excellent medical care, there can be limitations in terms of waiting times and the availability of certain treatments. The lump sum from a critical illness cover policy can be used to pay for private treatment or specialist care that may not be readily available through the NHS. This can lead to faster treatment and better outcomes.
Support for Household Bills and Living Expenses
In addition to covering medical costs and mortgage payments, the payout from critical illness cover can be used to manage household bills and daily living expenses.
This support is vital, as utility bills, groceries, and other living costs continue even when your income may be reduced. Having financial assistance to cover these expenses allows you to focus on recovery without the added stress of unpaid bills.
Get covered
Critical illness cover offers a range of benefits that provide essential financial support and peace of mind if you are diagnosed with a serious illness.
From ensuring mortgage payments are made to covering household bills and medical expenses, this type of insurance helps protect your financial stability during a challenging period.
Tailored policies, tax-free payouts, and the ability to supplement NHS care further enhance the value of critical illness cover, making it a wise choice for many individuals in the UK.
