Critical Illness Insurance provides a lump sum payment when a major health event occurs, such as certain types of cancer, heart attack, or stroke. It serves as a financial safety net if you become ill with any of the diseases specified in the policy. It’s important to note that not all serious illnesses are covered in every policy, so you should refer to your policy terms for more details.
If the critical illness is explicitly mentioned in the policy, the insured individual receives the lump sum payout regardless of their ability to continue working or return to work.
Once the lump sum is received, the claimant has complete freedom in deciding how to use it. Some choose to utilise the money to pay off their mortgage, while others may opt to use funds towards covering medical expenses, or make necessary modifications to their home.
Unfortunately, if you get sick, it can cause financial difficulties, especially if you have a mortgage, children or large credit commitments.
If you are looking into protection advice in Manchester, it is always recommended to speak with a qualified mortgage and protection specialist prior to taking any form of cover.
You are more likely to claim on Critical Illness Cover than you would be with Life Insurance, so this can be more costly. Your protection and mortgage advisor in Manchester will help you find the most favourable deal.
Critical illness cover is an insurance policy that pays you a lump sum if you are diagnosed with a serious illness listed in the policy, such as cancer, heart attack, or stroke. The money can be used to cover medical expenses, replace lost income, or support your family during your recovery.
When you purchase a critical illness policy, you will pay regular premiums to the insurance company. If you are diagnosed with a covered critical illness during the policy term, you will be eligible to receive a lump sum payment from the insurance company.
It’s important to note that critical illness cover policies may have specific terms, exclusions, waiting periods, and payout conditions. It’s essential to carefully review the policy details and consult with the insurance provider to understand how the coverage works specifically.
Speaking with a protection specialist in Manchester is important when considering critical illness cover because our team will provide expert guidance, customise recommendations based on your needs, compare policies from different providers, simplify the application process, and offer ongoing support throughout the policy’s duration.
When you consult with a dedicated protection advisor in Manchester, you can discuss the relevant insurances you may consider or receive recommendations tailored to your needs. A member of our team will gather initial information by discussing your health background with you
We will build a tailored plan surrounding your current personal and financial circumstances, meeting your available monthly budget. Our team can search the market to find the most suitable insurance product, to protect you and your family.
Once we have found the appropriate product for you and you are happy to proceed, we will submit your application to the provider.
From time to time, the policy provider may come back to us for further information, before they will look at accepting the application.
If you have taken out your mortgage with us, we will contact you again when it’s time to remortgage. During this process, we will also review any existing policies you have in place.
We understand that circumstances can change, and the policies you initially took out when you started your mortgage may no longer be the best fit for you at the time of remortgaging.
Here at our mortgage broker in Manchester, all our customers are offered a free insurance review which involves speaking to one of our mortgage and protection insurance in Manchester, who will assess your suitability as well as look into existing policies in place. Remember, insurance could be very beneficial for your future.
Our qualified mortgage and protection advisors in Manchester, provide a tailored service that can help you find the best cover for you and your circumstances. Furthermore, we understand that affordability is key, which is why we find the type of cover that is fitting for your family’s priorities and budget.
Take a look at our fantastic reviews by heading over to our reviews page. You may find that someone has been in a similar situation to you before and we have been able to help.
To see how our service has positively impacted others, visit our reviews page. There, you may find individuals who have encountered circumstances similar to yours and have benefited from our service.
Critical illness cover and life insurance serve different purposes. Critical illness cover provides a lump sum payout if you’re diagnosed with a severe illness, while life insurance pays out only upon death.
Critical illness cover helps with medical expenses and treatments, replaces income if you’re unable to work, and offers flexibility in choosing coverage amounts and specific illnesses to be covered.
Life insurance primarily focuses on providing a death benefit. Deciding whether to have critical illness cover alongside life insurance depends on your personal circumstances and financial goals.
Consulting with a mortgage and protection advisor in Manchester can help you make an informed choice.
Joint critical illness cover is an option that is there for if you or your partner gets critically ill, providing you with the funds you need. The one drawback for this is that it will pay in full, even if only one of you gets seriously ill.
If you have any of the conditions listed in the policy, you will be paid a lump sum of critical illness coverage. This is done to support you and your family, while income protection is paid in the form of ongoing income. This is useful in the event of being unable to work and has the option to be paid to retirement age.
Unlike critical illness cover, income protection will be guaranteed to pay out if you are unable to work. This will be carried on until you are able to work again or pass away.
Last Edited 09/06/2023