We hope it never happens, that you or one of your children get diagnosed with a critical illness. By that we mean things like cancer, multiple sclerosis, stroke and coronary heart disease. Unfortunately, though, such things do happen and the financial impact on the whole family can be devastating. A new survey* shows that these kinds of diseases cost the UK economy over £15bn a year as people have to leave the workplace. That is a lot of people and their families affected by some kind of critical illness.
The way a Critical Illness policy works is that, usually upon diagnosis of a specified critical illness listed on the policy, the insurer pays out a lump sum. This lump sum can be spent on anything, for example to pay off the mortgage, to do some nice “to-dos” or pay for modifications to your home such as wheel-chair access, chairlift, bathrooms converted or night-time accommodation created, like a down-stairs bedroom.
We have experience of helping clients in just this kind of situation, but a lot of people don’t know that their children can also be covered, so if it is one of them who gets ill and you have to have time off work to look after them, the policy still pays out.
Also, people sometimes don’t realise that if they have already got Critical Illness cover it is prudent to get it reviewed from time to time. This not only makes sure you are getting value for money from your policy, but makes sure you’re covered for as many critical illness conditions as possible and under the terms most suited to your individual circumstances.
If you couldn’t work because either you or one of your children were ill, how would you cope? This financial impact could be one less thing to worry about and could pay for extra nursing or medical care. The main benefit of Critical Illness cover is that you can concentrate on getting well, or looking after your sick child without having to worry about paying the mortgage or taking a break from work.
With all financial protection products there is a great deal of choice and we strongly recommend that you get the advice of an appropriately qualified financial adviser before you make any decisions. Critical Illness cover is available for businesses as well as individuals.
At Four Oaks Financial Services, our initial consultation is at our cost and our Financial Advisers are qualified to give advice on financial protection including Critical Illness plans. Our offices are in Lichfield or we can visit you in your own home. Contact our Client Liaison Team on 01543 401029 for more information or to make an appointment.
*Legal & General, Nov 2018
Member since: 10th July 2012
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