Critical Illness Cover
If you get critically ill, having cover in place means you can focus on getting well rather than worrying about money. We can find you the right critical illness cover for your circumstances.
What is Critical Illness Cover?
Critical Illness Cover helps to support you and your loved ones if you’re diagnosed with a specific illness or disability. It pays out a tax-free lump sum and is designed to help you and your family focus on your recovery without the added worry of paying the bills which may not be covered by your current sick pay or benefits.
Do I need Critical Illness Cover?
You might consider critical illness cover if you have financial responsibilities that are reliant on your income or if you don’t have enough savings to support you if you were diagnosed with a life altering illness. A chat with a financial adviser can help you understand if this cover is right for you.
How we can help
Finding the right critical illness cover can be time consuming and confusing. At Downton Mortgages & Financial Services, we take the time to understand your unique circumstances, research the insurance market for you and answer any questions you might have. Once you are happy with your choice of provider, we will manage the whole application for you.
Critical illness policies vary enormously in terms of what they cover, so it’s important to speak to a financial adviser who can research the market and give you an easy-to-digest summary of options.
How does it work?
You pay an insurance company a monthly amount and if you are diagnosed with an illness or disability that is covered in your policy, you’ll receive a lump sum of money. This is to ease your family’s financial burden while you recover – typically it is used for medical expenses, adjustments to the family home, childcare, having your family take time off work to look after you or paying off debts such as your mortgage.
Frequently asked questions
What does a Critical Illness policy cover?
Each policy is different, however cover tends to apply if you get a specific type of life changing condition such as a heart attack, cancer and stroke. Depending on the provider the policy can also cover a wide range of other illnesses.
Some insurers also give you the option to add Children’s Critical Illness cover to your policy at an extra monthly cost.
What is the difference between Critical Illness cover and Life insurance?
They pay out for different reasons. Critical illness cover pays out when you fall ill with one of the conditions outlined in the policy, and life insurance pays out when you die. In addition to this, critical illness cover is helpful even if you don’t have financial dependents.
How much Critical Illness cover do I need?
Before getting a quote, you need to have an idea of the amount of payout you would need from your policy. To calculate this, think about all the different outgoings you have that would need to be covered if you fell ill such as:
- Mortgage or rental payments
- Household bills
- Any family commitments such as childcare or school/university fees
- An estimate of medical expenses that might be incurred if you fall ill
- Any debts that you’re paying off
When you work with us, we will take you through all of this in detail as well as assessing if you have any savings or benefits that might help make your cover more affordable while still being comprehensive enough to suit your needs.
At what age should I get Critical Illness cover?
According to LV, the average age of their critical illness claims is 47 years old, which is also the point at which most people will have family and financial commitments. With that in mind, depending on your circumstances, it is worth exploring your personal insurance needs with a financial adviser earlier than you might think you need to. Locking in policies when you are younger can be comparatively cheaper, but it does depend on your individual circumstances and whether your outgoings, work benefits, dependents and level of risk warrant cover at this stage. We can help you work through all of these considerations.
You may have many more questions about critical illness cover that aren’t covered here. If you want to speak to a friendly and knowledgeable financial adviser in more detail, then get in touch to arrange a no obligation call to discuss your individual circumstances.
Get in touch
We’re here to help with any questions you might have about our services. Send us an email, pick up the phone or fill out our contact form. We look forward to hearing from you.
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