Insurance

 

Critical Illness Cover

Critical illness cover provides financial protection in the event of diagnosis of a major illness during the term of the policy and would provide you with a tax free lump sum payment if you became seriously ill or disabled.

You must normally survive at least one month after becoming critically ill, before the policy will pay out and the policy will only pay out subject to professional diagnosis of certain specified critical illnesses. This will vary from each provider but generally the range of diseases covered has increased to more than 30.

When taking out a critical illness policy you should ensure that it covers the main conditions you feel most concerned about. These would normally include; some forms of; cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke in standard Critical illness insurance policies. A good policy should also pay out if a policyholder becomes permanently disabled as a result of serious illness or injury.

You can generally take cover out from the age of 17 and premiums are normally far less the younger you are when starting the policy. When you start your policy there will normally be a waiting period, typically this is three months before you can make a claim and when applying for critical illness cover you will be asked to disclose any previous medical conditions you have had in the past but also any that your family has had in the past.

As with life insurance you pay a premium each month or annually if you prefer and the premiums charged will vary according to your age, occupation and medical history.

If you would like to discuss what critical illness options are available to you one of our advisors they will be happy to discuss your various options and offer you quotes from the whole of the market.

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Grovelawn Financial Services, 3b Restormel Industrial Estate, Liddicoat Road, Lostwithial PL22 0HD — T: 0845 458 2633