What would life be like if you were diagnosed with a serious
illness? Things could change very suddenly. You’d get your family together and
tell them what was going on. Before long, you’d start spending time in hospital
for treatment.
You may also need to take some time off. It’s hard to know
what the financial impact of all this would be for you and the people who depend
on you. A critical illness can affect anyone at any age and can turn your life
upside down. In the event of being unable to work due to a critical illness,
having a financial cushion in place would alleviate some of the stress of the
situation.
Financial impact
Some people may use their savings to supplement their loss
of income, others may rely on an employment benefit package, while others may
find that critical illness cover is their best option. Critical illness cover
can help minimise the financial impact on you and your family if you become
critically ill.
For example, if you needed to give up work to recover, or if
you passed away during the length of the policy, the money could be used to
help fund the mortgage or rent, everyday bills or even simple things like the
weekly food shop, giving you and/or your family some peace of mind when you
need it most.
Tax-free lump sum
After surviving a specified critical illness, you may not be
able to return to work straight away (or ever), or may need home modifications
or private therapeutic care. It is sad to contemplate a situation where you
survive from a serious illness but then endure financial hardship. Preparing for
the worst is not something we want to think about when feeling fit and healthy,
but you never know what life is going to throw at you next.
Critical illness cover, either on its own or as part of a
life insurance policy, is designed to pay you a tax-free lump sum on the
diagnosis of certain specified life-threatening or debilitating (but not necessarily
fatal) conditions, such as a heart attack, stroke, certain types/stages of
cancer and multiple sclerosis.
Emotional stress
A more comprehensive policy will cover many more serious
conditions, including loss of sight, permanent loss of hearing, and a total and
permanent disability that stops you from working.
Some policies also provide cover against the loss of limbs.
But not all conditions are necessarily covered, which is why you should always
obtain professional financial advice to consider your options.
If you are single with no dependants, critical illness cover
can be used to pay off your mortgage, which means that you would have fewer
bills or a lump sum to use if you became very unwell. And if you are part of a
couple, it can provide the much-needed financial support at a time of emotional
stress.
Family’s finances
The good news is that medical advances mean more people than
ever are surviving conditions. Critical illness cover can provide cash to allow
you to pursue a less stressful lifestyle while you recover from your illness,
or you can use it for any other purpose.
What would life be like if you were diagnosed with a serious
illness? Things could change very suddenly. Being diagnosed with a critical
illness is a life-changing moment. It’ll disrupt your home and work life, and
could put a strain on your family’s finances.
Life-changing cover, for life-changing events
Almost everyone knows someone who has been affected by a
life-changing condition such as cancer, stroke, heart disease or a serious
accident. To review your situation or consider your options, please contact us.
SOME TYPES OF CANCER ARE NOT INCLUDED AND YOU NEED TO
HAVE PERMANENT SYMPTOMS TO MAKE A CLAIM FOR SOME ILLNESSES.
THIS IS NOT A SAVINGS OR INVESTMENT PRODUCT AND HAS NO
CASH VALUE UNLESS A VALID CLAIM IS MADE.