What does critical illness insurance cover?

3rd March 2021

Critical illness cover is designed to help reduce the financial impact of a critical illness on your family. 

Providing a tax-free lump sum if you are diagnosed with a pre-defined illness, medical condition or disability, this form of financial protection will give you the peace of mind that you and your family will be financially secure if you can no longer work due to illness. 

Critical illness policies generally cover major illnesses such as cancer, heart attacks, or stroke, and other long-term illnesses that alter your standard of life and result in you having to take a substantial amount of time off work or having to give up work completely. 

What does critical illness cover?

There are many providers offering critical illness cover, and the right policy for you will depend on your needs and current circumstances. Of course, when looking for any protection policy, it’s always worthwhile shopping around and doing your research to ensure you get the best possible deal, as well as the right level of cover. 

The vast majority of critical illness policies cover: 

  • Cancer
  • Heart attack 
  • Stroke
  • Loss of arms or legs and major disabilities 
  • Diseases such as multiple sclerosis or Parkinson’s disease

All polices cover numerous life-changing illnesses and conditions, but make sure you check your policy as not every type of illness is covered. 

How does critical illness work?

Critical illness is designed to support you and your family if you are diagnosed with a life changing critical illness. 

And in the event that you become critically ill, your insurer will either offer partial payments for less severe illnesses​ or pay out a lump sum to ensure that your family’s quality of life is not impacted due to your inability to work. 

If you have a partner or dependants that rely on your income, it’s definitely worth taking out a policy. 

Why choose Charters Financial Services?

If you would like to talk through your critical illness cover options, make sure you speak to the professionals. Here at Charters Financial Services, we are always on hand to offer the very best critical illness and life insurance advice. Contact us today, our friendly experts are on hand to help.

 

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My wife and I have been working with Chawley Soper fpr many years. We've had 6 properties, with the very first when we remortgaged our original home and let it to downsize and buy a bungalow. We then bought an investment property to renovate and sell. The next property we bought and rented and then recently we invested in a 4 bed bungalow as another rental/investment property. Chawley has always been there through the years working on our behalf to get us the best deals and guide us through the mountains of paperwork and correspondence with solicitors. We can't really praise him highly enough. Not just his phenomenal knowledge and professionalism but for always being there to deal with even the smallest of queries and problems. Through buying, selling and remortgaging and finding the best deals we feel as though we are in very safe hands and trust Chawley implicitly. If we have any ideas about future moves, such as recently we considered selling and porting to a new property, it will be Chawley who will guide us. We've had one other property from before our association with Chawley and he now deals with all of the remortgaging for this as well. We feel as though he has become far more than just a mortgage adviser and we fully recommend him.

Andy S

May 2020

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