Critical Illness
Cover Advice
Mortgage Advice For Critical Illness Cover
Many people believe that they will never become critically ill. Sadly, getting a critical illness is not a choice and it happens to a significant portion of people in society. To safeguard yourself and your family from financial hardship, should you be diagnosed with a critical illness, you should strongly consider taking insurance cover.
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About Critical Illness Cover
Critical Illness Cover (CIC), is an insurance policy that normally provides a cash lump sum to the policyholder if they are diagnosed with a specific illness. For the insurance to payout, the specific illness must be named on the policy documents.
CIC is now far more comprehensive than it was in previous years. For example, some insurers will provide cover for over 33 critical conditions including Cancers, Heart Attacks and Strokes.
For the policy to payout, the insurer would simply need to see confirmation of the diagnosis from a qualified doctor.
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We make applying for Insurance simple and don’t charge you for our advice and services. Book your consultation today to discuss your protection needs.
What Our Clients Have To Say
Pros
Many brokers consider CIC to be the most important cover from the protections typically offered with mortgages. Here are some of the benefits of taking a CIC policy:
– Financial Flexibility
When a CIC policy pays, you can use the lump sum at your discretion. Many claimants use the money for home improvements if they require alterations as a result of their critical illness.
– Safeguards Your Family
If you are the breadwinner, a CIC policy may be able to financially safeguard your family in the short-term if you were diagnosed with a critical illness.
– Tax Free Payout
Any payout is tax-free, meaning that you have access to the full lump sum that you are insured for.
Cons
Like with any insurance, there are some drawbacks. Here are a few to consider:
– Expensive Premiums
CIC premiums are typically more expensive than similar cover for life or income protection. The reason for this is that CIC policies are far more likely to payout. Sadly, it’s a fact that 1 in 2 people develop some form of cancer.
– Range of Coverage
With CIC, you will only be covered for the critical conditions that are listed in the policy documents. Fortunately, CIC cover is now very comprehensive with most providers.
– Exclusions
For example, if you have a clear family history of a critical illness, it may be applied as an exclusion to your policy.
Our Process
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Step Two
One of our friendly advisers will contact you to learn more about your situation.
Step Three
Relax while we find you the best Insurance product.
Contact Us
If you are interested in Critical Illness Cover, our advisers will provide a free consultation to discuss your requirements in depth.
Free phone or video consultations are offered for clients across the UK. Advice and arrangement of Critical Illness Cover is free of charge.
For our existing mortgage clients, we often arrange Critical Illness Cover consultations at the mortgage offer stage.
This is because we then have an understanding of the accurate sums to be insured.
Submit a form here to make an enquiry.
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