Critical Illness Cover
Embrace Peace of Mind: Essential Critical Illness Cover for a Secure Future
Critical illness cover is a type of insurance that provides financial support when you need it most—if you’re diagnosed with a serious illness. In the UK, this cover pays out a lump sum if you’re diagnosed with a condition such as cancer, heart attack, or stroke. The money can help ease the burden of daily expenses or cover essential costs, like your mortgage, household bills, or even private medical treatment. It’s designed to give you peace of mind, knowing that, should the unexpected happen, you and your loved ones can focus on recovery without the added stress of financial worries. Having critical illness cover means you’re protecting more than just your health—you’re safeguarding your future.
Why Critical Illness Cover is Essential for Contractors
For contractors in the UK, critical illness cover is more than just a safeguard—it’s a lifeline. Unlike those in traditional employment, contractors don’t have the security of sick pay or long-term benefits to fall back on. If you’re diagnosed with a serious illness like cancer or heart disease, critical illness cover provides a financial cushion when you’re unable to work. This support can help with paying your mortgage, household bills, or even funding private treatment, allowing you to focus on your health and recovery without the overwhelming stress of lost income. Having this cover means you’re not just protecting yourself, but also ensuring your loved ones are financially secure, even in challenging times.
If you’re unsure, consulting an adviser can help you find the right coverage to fit your unique situation as a contractor.
How Much Does Critical Illness Cover Cost?
The cost of critical illness insurance varies based on several factors, including:
- Age
- Health
- Coverage Amount
- Your Lifestyle
However, Critical illness insurance tends to be more expensive than life insurance. Because you’re more likely to make a claim on a critical illness policy than on a life insurance policy.
How Much Does Critical Illness Cover Cost?
The cost of critical illness insurance varies based on several factors, including:
- Age
- Health
- Coverage Amount
- Your Lifestyle
However, Critical illness insurance tends to be more expensive than life insurance. Because you’re more likely to make a claim on a critical illness policy than on a life insurance policy.
How much cover do I need?
Use our calculator below to estimate how much life insurance coverage you may need. Simply input your financial details, and let the tool calculate a recommended coverage amount to help protect your family’s future.
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Please note, these calculators provide only an estimate. For a precise evaluation, connect with our experts today!
How Contractor Mortgage Solutions Can Support You
We’ve been helping families secure their homes by finding the best critical illness cover.
Here’s why you can trust us:
Expert Guidance:
As an independent intermediary, we offer honest advice, excellent customer service, and ongoing support tailored to your needs.
Financial Production Guidance:
We help our customers secure the best critical illness cover from the most trusted and reputable companies.
Tailored Plan:
We can help customise your critical illness insurance to fit your family’s needs and financial situation.
Ongoing Support:
As your life changes, we’re here to help you adjust your policy. If your circumstances change, we’ll guide you in switching to a plan that suits you better.
Our critical illness policy
What is Included in Our Critical Illness Cover Policy
We want to be transparent about what isn’t covered by our policy. Conditions that typically aren’t covered include:
- Pre-existing conditions
- Hereditary illnesses
- Terminal illness diagnoses
- Illnesses arising within the first 14 days of taking out the policy
- Some types of cancers
If you have any specific concerns or questions, our advisers are here to help you find the cover that best suits your needs.
What isn’t covered by our critical illness policy?
The cost of critical illness insurance varies based on several factors, including:
- Age
- Health
- Coverage Amount
- Your Lifestyle
However, Critical illness insurance tends to be more expensive than life insurance. Because you’re more likely to make a claim on a critical illness policy than on a life insurance policy.
Combining Critical Illness and Life Insurance
Combining life insurance with critical illness cover is highly recommended, as it offers comprehensive protection for both you and your loved ones. By having both, you’re covered not only in the event of death but also if you’re diagnosed with a serious illness. Unlike standalone critical illness policies, where a “survival period” often applies, combining the two means you avoid this waiting time.
Both policies aim to provide a tax-free lump sum, offering financial security when you need it most. The main difference is when the payout occurs: life insurance pays out upon death, while critical illness insurance pays out when you’re diagnosed with a specified condition, such as cancer, a heart attack, or a stroke.
Some people choose to keep life insurance and critical illness cover as separate policies for added flexibility. For instance, you might want life insurance to cover your mortgage but prefer a smaller amount of critical illness cover to help with short-term income loss. Having both gives you an extra layer of protection, ensuring peace of mind for you and your family, no matter what happens.
FAQ’S
How does Critical Illness Cover differ from Life Insurance?
While Life Insurance pays out if you pass away, Critical Illness Cover is designed to support you while you’re alive but dealing with a serious health condition. Both policies offer protection, but Critical Illness Cover helps when you need it most during a tough time.
Can I add Critical Illness Cover to my existing Life Insurance policy?
Yes, many insurers allow you to add Critical Illness Cover to your Life Insurance policy for added protection. It provides more comprehensive coverage, ensuring both you and your loved ones are financially supported.
What illnesses are covered by Critical Illness Cover?
The specific illnesses covered vary by policy, but typically include cancer, heart attack, stroke, and other life-threatening conditions. It’s important to review your policy carefully to understand what’s included.
Can I choose how to spend the payout from Critical Illness Cover?
Yes, the payout from Critical Illness Cover is typically a lump sum, and you have complete control over how you spend it. You might use it to pay off your mortgage, cover medical bills, make home adaptations, or simply manage everyday living costs.
How do I know how much Critical Illness Cover I need?
The amount of cover you need depends on your personal situation. Consider how much is left on your mortgage, any outstanding debts, and your monthly living expenses. It’s important to choose a level of cover that will give you financial peace of mind during a period of illness.