Critical Illness Cover

Critical illness cover is a type of insurance that pays holders a tax free lump sum in the event they are diagnosed with a critical illness during the policy term.

If your family would struggle to cope financially in the event you are taken seriously ill then critical illness insurance can help provide peace of mind. The one off lump sum can help with mortgage payments, household bills, loans and any other outgoings that will need paying.

How does Critical Illness Cover work?

Critical illness cover is not the same as life insurance which pays out a one off pre agreed amount to your beneficiaries if you pass away during the term of the policy.

Critical illness insurance pays policy holders a one off lump sum if they are diagnosed with a serious condition or illness. But these policies only cover a certain amount of conditions which will be listed in the terms and conditions.

This one off payment can be a lifeline for families at a time of crisis and uncertainty. The money can be used however you wish and can help pay for medical bills, fund any adaptations to the home, pay the mortgage and household bills and allow you to fully focus on your recovery and wellbeing.

How much does Critical Illness Cover Cost?

The cover provided by critical illness insurance is not linked to your earnings and so similar to a life insurance policy allows you to choose the amount of cover you want.

Before deciding on a number for the sum insured, it is worth factoring in some of the financial outgoings that will need to be paid for from the lump sum should you need it. This may include – mortgage or loan payments, medical bills, treatments or therapies, adaptations to the home and everyday expenses.

Depending on your occupation it is also worth considering what the consequences would be for your family financially if you were unable to work for a long period of time or unable to return to work at all.

The premiums for critical illness insurance depend mainly on the likelihood of a claim being made so the older and more unhealthy the applicant, the higher the premiums will be.

Find out more about Critical Illness Cover

If you would like to find out more about critical illness cover and how it could benefit you then call Opul Life today on – 01245 408 602. Our team of helpful, impartial advisors are on hand to help talk you through all of the details and guide you through the range of options available.