ADVICE for Protecting your income with

Critical Illness Cover

It’s a universal truth that none of us can ever know what life has in store further down the line. Whilst many of the surprises will be fun, heart-warming and exciting, sometimes may be harder to deal with both individually and as a family. With this in mind, critical illness cover is an insurance policy that ensures your household is protected financially in the event of a serious medical condition taking effect.

We appreciate that this kind of thing isn’t very nice to think about, yet it’s also a very important topic that deserves consideration. If you’re looking for a helpful and understanding insurance advisor in Hull and East Yorkshire to talk you through your options, get in touch with Mortgage Advice Firm today.

Please note, for these insurance products term and conditions apply. This information is a summary only. You will receive full policy documents upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

What is critical illness cover?

Critical illness cover is an insurance policy designed to pay out a lump sum if you (as the policy holder) are diagnosed with a critical illness. Rather than standard life insurance that only pays out in the event of your death, critical illness cover is more versatile and helps you to avoid falling into financial hardship as a result of loss of income through illness.

For tailored advice and guidance, get in touch with our qualified advisors today.

What kind of illnesses are covered?

Insurance providers offer different types and levels of critical illness cover, ranging from the very basic to upgraded versions and even children’s benefit. Depending on the policy you take out, critical illness protection can cover a wide range of illnesses and conditions, such as cancer, heart attacks, strokes, major organ transplants, multiple sclerosis, Alzheimer’s disease and Parkinson’s disease.

For tailored advice and guidance, get in touch with our qualified advisors today.

Can I get critical illness cover even though I have medical conditions?

Potentially, yes. Every application is subject to assessment, which means that some providers will offer critical illness cover to people with existing medical conditions. Depending upon the medical disclosures, an application may require a GP’s report. The policy provider may also offer cover at a higher premium, or offer you cover with an exclusion relating to the medical condition.

For tailored advice and guidance, get in touch with our qualified advisors today.
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Is critical illness cover expensive?

Your policy will be created around your individual circumstances, which means that premiums can differ greatly from one policy to the next. Circumstances that are taken into account include the level of cover you require, how long you would like the cover to last, any medical conditions you may have, your smoking status, and even your height and weight.

For tailored advice and guidance, get in touch with our qualified advisors today.

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Do I have to take out critical illness cover?

No, nothing is documented to say you are required to take out a critical illness policy. That being said, it’s highly recommended that you do consider this kind of insurance, as it protects both you and your loved ones against the worst-case scenario. For instance, if you were to fall seriously ill and suffer loss of income as a result, your mortgage payments may become too difficult to manage. Your mortgage is a secured loan against your property, so failing to make payments on time can lead to its repossession by your mortgage lender.

No one wants to experience a debilitating illness or major medical condition, but having critical illness cover in place means that your income is protected if it were to occur. This gives peace of mind to you and your family, as the lump sum will allow you to keep making mortgage payments and remain in your beloved home.

For tailored advice and guidance, get in touch with our qualified advisors today.