Protection Insurance

Critical Illness Insurance

Critical illness Insurance - Woodhall Mortgages

What Is Critical Illness Insurance

The time has come to consider a Critical Illness Insurance plan. In the UK, the term Critical Illness Insurance is often used interchangeably with a “Life Insurance plan.” This is a misnomer. Critical Illness Insurance is a specific kind of Life Insurance policy. Although the two types of plans have similarities, there are some very distinct differences. If you are looking for a life insurance policy to cover you in the event of an accident or a sudden illness, it is important that you know what exactly a Critical Illness Insurance plan provides and how it differs from a standard Life Insurance policy.

Critical illness cover is a form of insurance that offers protection should you be diagnosed with a critical illness during the term of your policy.

Critical illness insurance  is a type of insurance that pays out a tax free lump sum if you are diagnosed with one of several life threatening or life limiting illnesses or conditions. Critical illness insurance is also known as “illness insurance” and is designed to provide protection against the impact of illness on your ability to earn an income.

What normally affects the price of critical illness cover?

1) Type of Policy

Whether you choose to take out a single or joint policy – buying a joint policy may be cheaper

2) Your Age

The earlier you take out critical illness cover, generally the cheaper the premium

3) Your Occupation

Insurers ask about your job to help calculate how likely you are to make a claim – as some occupations carry a higher risk of health problems 

4) Your Health & Medical History

Insurers will assess your medical history to determine the risk of you becoming ill

5) Your Lifestyle

Some lifestyle habits, such as smoking, will also affect what you pay for critical illness cover

6) The Level of Cover

The more cover you add to your policy the higher the premiums will be

If you want to know more regarding Critical Illness Insurance and how it can help then speak to on of our advisors today

F.A.Q.s of people wanting a mortgage protection

A lot of us can’t predict what’s looming ahead of us when it comes to our health. Sometimes very serious sicknesses leave an untrodden path along which most people haven’t traveled regardless of how healthy they’ve always been in the past. If you were ill all of a sudden and couldn’t work anymore (for any reason) what would you do financially? Would you be able to pay your loans / mortgage or rent on time, or have the funds available for day-to-day expenses? These are things that might arise if you don’t have enough savings set aside especially in case something unexpected happens. So before anything bad does happen, take some time off to think carefully about contingencies so you don’t let financial problems overtake your life when tragedy strikes.

We’re here to help you answer that question with a side-by-side comparison of all the products on the market . The first thing you’ll want to decide is what size of payout amount is best for your situation. Our advisors can help you decide what is the right for your situation and help you get the right cover for you

Critical illness lump sums are not the same as life insurance policies, which pay money to a person or people you name after your death. You can use this money to clear debts, pay bills, or adapt your home to your own specific needs.

Some providers have maximum age limits on their policies, and some conditions may also be excluded from cover based on your medical history – it is best that you familiar yourself with all of these criteria in advance in case you find yourself taking out insurance in the future.  Our advisors can help go through everything with you so you can choose the cover that is right for you.

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