Critical illness cover
Advances in medical technology & improvements in health care mean that people are living longer than ever before, however, the personal and financial cost of treating a serious / critical illness or medical condition can be high.
If you have insufficient savings to see you through if you were seriously ill, or if your employers benefits package is insufficient if you had to be off work for a period of time, then you may find yourself in financial difficulty. Relying on benefits from the state to support you in these events may also be less than you think.
What is Critical Illness Cover ?
Critical illness cover is a type of insurance product that provides financial protection in the form of a one off lump sum payment, should the policy holder contract a serious illness or require ongoing treatment for a specific condition covered within that specific policy. The policy pays out subject to the medical conditions defined within the plan, which is different dependant upon the provider. Additionally, this will be usually after 28 days after diagnosis and again dependant upon the provider.
Critical illness cover is a long term policy that can protect you for a range of medical issues. It could help to financially support you for costs you may not be able to afford without it. The monies may be used to pay off your mortgage, debts, pay for alterations to your home, medical bills or anything else for that matter.
Old Royle Wealth management can help find the correct critical illness policy, narrowing down complex and varied options to a handful of solutions that will suit your specific needs.