Critical illness cover, also known as critical illness insurance, is a long-term plan which provides financial protection should you be diagnosed with a serious illness. The insurer usually provides a list of illnesses which are covered by the policy and, should the worst happen, will pay out a tax-free lump sum that can be used in anyway you see suitable, such as paying off outstanding mortgages or debt, or making the necessary adjustments to your home i.e. wheelchair access should it be required.
What policies cover can vary, with some paying out for less severe conditions, and others including members of the family including children in the cover. Cover doesn’t usually extend to conditions you knew you had before you take out the policy, and it isn’t the type of insurance that pays out if you die. What you pay for this kind of insurance will depend on a number of factors, such as age, medical history, occupation and the amount of cover you want to take.
You might want to consider whether you have an employment package that provides a similar kind of cover to critical insurance.
At Aston & Co we have the experience and the know-how to find the best critical illness cover to meet your needs. Our friendly and professional advisors are on hand to guide and support you in your choices. Contact us today to discuss your needs and pave the way to financial security.