At The Levels Financial, we offer insurance for critical illness cover, as we know that it is impossible to prepare for the unexpected. One of the main questions we get though, is ‘what protection is offered when investing in critical illness cover?
When applying for a mortgage, buying houses and starting families, it’s important to ensure your loved ones are protected, should something happen. That is why we’ve put together this guide to help highlight exactly what critical illness cover is, its benefits and how The Levels Financial can help.
- What Is Critical Illness Cover?
- What Illness Are Covered?
- Benefits Of Obtaining Critical Illness Protection
- Unsure If You Need Critical Illness Cover? Our Advisors Can Help
What Is Critical Illness Cover?
Critical illness cover is a type of insurance that will payout, often a large tax-free lump sum if you get diagnosed with a critical illness, or if you need to undergo surgery for a critical illness. (Please note the lump sum will only get paid out if the ill party survives at least ten days after the diagnosis or surgery).
Critical illness cover doesn’t normally pay if the ill party member passes away, this is where life insurance comes into play. Find out more about life insurance in our blog post: ‘Life insurance advice and tips’.
Critical illness cover has been designed to help support families impacted by life-changing or threatening illnesses, so you can focus on your recovery rather than worrying about paying your bills.
What Illness Are Covered?
Depending on your insurance provider and your cover policy, the illnesses covered as part of your critical illness cover will differ. In most insurance cases, long-term or serious conditions will be covered by your policy, including:
- Heart attack
- Stroke
- Loss of arms or legs
- Multiple sclerosis
- Parkinson’s disease
However, the illnesses covered in your critical illness cover may differ, for a full list, we would recommend getting in touch with your provider. At The Levels Financial, we can help ensure that if you’re worried about a particular illness, we can help find a cover that can help protect you.
Benefits Of Obtaining Critical Illness Protection
One of the main benefits of having critical illness protection is of course the peace of mind that if something were to happen you, your loved ones are covered when it comes to paying your bills. However, this isn’t the only benefit of purchasing critical illness cover, other benefits include:
- Coverage of crucial outgoings – if you find yourself unable to work due to a critical illness, then the money paid out can help to cover various bills and necessities, including mortgage, rent or medical bills
- Making adaptations to home life – if, after your diagnosis, you need to make changes to the layout of your home, the critical illness cover payout could help to fund those necessary changes
- Tax-free payout – your lump sum payment will be paid to you, tax-free, leaving you and your loved ones free to use the money as you wish
- Children’s critical illness cover – some providers will include children’s critical illness cover into your policy, at no extra cost. Protecting your children between the ages of 30 days to 18, unless they’re in full-time education then it will cover them until they’re 21. Children’s cover means you can receive a payout of up to 50% of your cover amount
Unsure If You Need Critical Illness Cover? Our Advisors Can Help
When purchasing a house or applying for insurance, sometimes you fall into the trap of thinking: “Do I really need this?” However, if you’re thinking about getting critical illness cover, you should consider the following:
- Do you and your family depend heavily on your income?
- Do you have enough savings to cover important bills if you were to become seriously ill or disabled?
- Are you entitled to an employee benefits package to cover long periods off of work due to sickness?
If you find that critical illness cover is something that you and your loved ones could benefit from, contact our helpful team today at admin@thelevelsfinancial.co.uk or call us on 01458 772 040 and we will be more than happy to help.
Please Note:
If you stop paying premiums your coverage could cease
Always read the policy details to find out what is and is not included.
If you cancel your plan you will not receive any money back
You must provide accurate and honest information about your health and lifestyle, if found otherwise you may not receive payments if you claim
We offer products from a choice of insurers
