Introduction
Critical Illness Cover is there to help you and your loved ones, if you suffer a critical Illness. It is an insurance plan that pays out a cash sum if you are diagnosed as suffering from a specified critical illness, within the term of the plan. The plan has no cash-in value at any time.
Why do I need Critical Illness Cover?
Should you be unfortunate enough to suffer a critical illness, the last thing you will want to be worrying about is money. Advances in medical science mean that the chances of surviving a critical illness are improving all the time. The cash sum you could receive from a critical illness plan could help you through the recovery period.
You may have to reduce your working hours, need to pay for medical care or have to adapt your house to make your day-to-day life easier. A critical illness plan could help all of this and more.
Critical illness cover is payable on the conclusive diagnosis of a pre specified critical illness. Some of the conditions covered in most benefits include (use these as a guide only):
Alzheimer's Disease
Angioplasty
Aorta Graft surgery
Benign Brain Tumour
Blindness
Cancer
Coma
Deafness
Heart Attack
HIV/AIDS
Kidney Failure
Loss Of Limbs
Loss of Speech
Motor Neurone
Multiple Sclerosis
Paralysis / Paraplegia
Parkinson's Disease
Stroke
Third Degree Burns
Permanent Disability
Critical illness cover will pay out a lump sum in much the same way as a life insurance policy. One big difference is that the main beneficiary may well be you in addition to any loved ones. Critical illness policies don’t cover every type of illness. You will need to check the insurance policy carefully to see what it will pay out if you become ill.
As with life insurance you can choose decreasing or level term policy.
Decreasing Term
- Designed specifically to protect a repayment mortgage.
- The cash lump sum payable covers the outstanding balance of the mortgage.
- The actual amount paid out reduces as the plan goes on, in line with your mortgage balance decreasing.
Level Term
- Designed to provide financial security for you and your loved ones.
- A set amount of cash is payable tax-free for the life of the plan.
- Can be used for living costs, covering mortgage, children’s education and more.
Increasing Term
- Designed specifically to avoid the cover being eroded by inflation.
- The amount of cash payable is tax-free for the life of the plan.
- You are given the option to increase your amount of cover each year at a pre-determined rate.
Still Not Sure?
We can help you by searching insurance products based on a fair and personal analysis for the most suitable cover for your circumstances. Contact Us to find out more.
JUST SOME OF THE INSURERS WE WORK WITH
Registered Address
Shire Financial Services Ltd
Suite 3, Rookery House,
The Guineas, Newmarket
Suffolk CB8 8SY, England.
Registered Company No.
05904006
Country of Registration: England
Opening Hours
Mon-Fri: 9:30am to 5:30pm
Sat and Evenings: By Appointment
Sun: Closed
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SHIRE FINANCIAL SERVICES LIMITED IS AN APPOINTED REPRESENTATIVE OF SESAME LIMITED WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
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