Todays post comes to you from a guest blogger…pay attention to find out about critical illness insurance cover!
1) What is Critical Illness Cover?
Critical illness cover in the United Kingdom will provide the insured with a one-off lump sum of money should they become ill during the term of the policy. Usually there will be a regulation saying that the person must live for two weeks after the original diagnosis. Sometimes the cash is used to pay off mortgages and sometimes it’s used for things like wheel chair accesibilty for the home to help the sick or injured person get around their home.
2) What am I covered for with Critical Illness Cover?
Depending on the insurance company you work with, your critical illness insurance policy will vary greatly with the types of illnesses covered. Some policies will protect you against 15-20 illnesses while others will protect you for over a 100. Check with your insurance provider to find out exactly what you’ll be covered for to make sure you’re happy with the policy.
3) What happens if I become ill during the term of the policy?
Most Critical illness cover policies will give you a lump sum payment after you have been diagnosed with one of the listed illnesses. There are many things that the money can be used for including paying off debt for the family or setting up the home to help the insured live their life. The money will be used for a variety of things but the main reason is to help pay for lost wages that might occur should you be unable to work.
4) Do I need Critical Illness Protection?
It depends on a number of things. If you have a family that is dependent on you then it might be an option. If you don’t have a mortgage then
it might be less important but a serious injury or illness could really prevent you from making any income for your family. If only one parent is bringing in income Critical Illness Cover might be more advisable but it really depends on the situation. The best thing you can do is talk to a trained professional and discuss the options that are available to you.
5) Is this kind of insurance expensive?
Most premiums are anywhere from £5-10 per month but it will depend on the company that you are purchasing the policy from. It will also depend on your age, health, family medical history, and the number of illness that you want to be protected for. The best thing you can do is talk to a insurance broker and get a better sense of your options and then try to get a few quotes to find an affordable plan that works for you.
