Critical illness cover
Much as we don't like to entertain the thought many of us will suffer from a serious disease before we reach retirement age.
Critical illness cover means that you are able to meet your financial commitments if you are diagnosed with one of the critical illnesses covered by your policy and cannot work. Your insurer will pay a tax-free lump sum upon diagnosis.
Though policies vary from insurer to insurer critical illness covers around 30 illnesses some of which are as follows:
- Cancer (but not non-invasive cancers)
- Coronary artery bypass
- Heart attack
- Kidney failure
- Major organ transplant
- Multiple sclerosis
- Stroke
Critical illness is a practical choice if you have a mortgage and do not have dependents as it can cushion financial difficulties you may have if you get ill and can help you meet your mortgage repayments.
Choosing the right critical illness cover can be time consuming and there are a multitude of products on offer in the UK. Remember that not all illnesses are covered and particularly any illness that you suffer as a result of drug misuse, criminal action or any injury you have inflicted upon yourself.
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