What is Critical Illness?

  • Critical Illness cover pays out a tax free lump sum in the event of you suffering from certain types of illness, or if you have to undergo certain types of surgery.
  • Unlike life assurance you don’t have to die to make a claim.

Is it worth having?

  • The lump sum paid out by Critical Illness insurance can be used to help with the extra costs incurred as a result of contracting a particular condition, eg to cover the cost of private home nursing after a stroke or heart attack, or provide monies to cover expenses while you are unable to work.
  • Unless you have substantial savings, critical illness insurance may well make sense to you particularly if you have a debt such as a mortgage.
  • Many critical illness policies will include cover for total and permanent disability. This pays out if you become unable to work due to permanent disability arising from any illness or injury (regardless of whether it is covered by the policy).
  • This type of cover can be taken to cover ‘any occupation’ or ‘own occupation’ definitions. Please ask us for advice.
  • As Independent Financial Advisers we can research the market and find the most appropriate and cost effective policy for you.

How much does it cost?

  • The cost of critical illness insurance depends on age, health, occupation, whether or not you smoke and the type of cover you need and how long you need it for.
  • Premiums can be more expensive if you have a history of a particular illness within your family.
Critical illness plans that have no investment link have no cash in value at any time and will cease at the end of the term. If you stop paying your premiums your cover may end.

Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document if you go ahead with a plan.
As IFA’s we can research the market to provide you with the most suitable product available.

Kate Beale

For more information on critical illness contact Kate Beale on:

Tel: 01206 871120
Email: kate@bgafs.co.uk

We will use your name, email address and contact number ('personal information') to contact you about the services you have requested or respond to an enquiry you have submitted, which will require us to share your personal information with our advisers. For further information on how your information is used, including disclosure to third parties, how we maintain security of your information and your rights in relation to the information we hold about you, please see our Privacy Policy or contact info@bgafs.co.uk or 01206 871120 to obtain a copy.

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