Critical illness cover is a type of insurance that pays out a tax-free lump sum if you're diagnosed with a specific medical condition or illness listed in your policy.
It's designed to help support you and your family financially while you deal with your diagnosis – so you can focus on your recovery without worrying about how you will pay the bills.
How Does Critical Illness Cover Work?
You insure a fixed sum at the outset – usually the outstanding balance on your mortgage etc. – this is paid out on the diagnosis of one of the number conditions listed on your policy. After that, your cover will be based on how long you want your policy to last (as most policies will end automatically once you make a claim) and how much you can pay each month.
It's a good idea to make sure cover lasts while you still have significant demands on your income, e.g. paying off a mortgage or children's school fees.
Who Needs Critical Illness Cover?
In reality, everyone needs this cover as critical illness cover is designed to support extra costs if you fall ill; you should consider it if:
Remember too that state benefits come in at around £70-£100 per week, depending on your circumstances, so if you don't feel this is enough to cover your outgoings, you might want to consider critical illness cover.
How Much Cover Do You Need?
Again, think about the costs you'd need to cover if you were to fall ill and couldn't work.
For extra protection, you can usually get critical illness cover and life insurance simultaneously. This way, you'll be protected against different circumstances – with the flexibility to choose how much cover you need for each policy—and claiming one policy shouldn't affect the other.
It's important to understand that critical illness policies don't cover all illnesses; however, this will be disclosed when we select the best plan that meets your needs.
Thankfully all the above questions are what we are here to answer. We arrange cover from a selection of providers and tailor-make the ideal protection plans designed around you and your circumstances.
Did You Know?
The estimated lifetime risk of cancer diagnosis is 1 in 2 (50%) for males and 1 in 2 (45%) for females born after 1960 in the UK. This is in line with previous estimates.
Cancer Research UK, Accessed January 2019
We love our customers, so contact us to ask for an initial telephone chat about your mortgage needs.
We are independent mortgage & protection advisors covering Mansfield & Sutton-in-Ashfield. If you need a mortgage broker in Mansfield or a mortgage broker in Sutton-in-Ashfield, we're here to help.
Who knows what's around the corner? It's better to have it & not need it than need it & not have it
This video made by Aviva explains why critical illness is so important.
We arrange critical illness from a number of different insurers, not just Aviva.
As with all insurance policies, terms and conditions as well as exclusions may apply
Do I Need Cover - Decision Tree (pdf)
DownloadWe love our customers, so contact us to ask for an initial telephone chat about your mortgage needs.
We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. If you need a mortgage broker in Mansfield or a mortgage broker in Sutton-in-Ashfield, we're here to help.
Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
Direct: 01623 375007 Email: lewis@shawfinancialservices.co.uk
Open today | 09:00 – 20:00 |
Terms & Conditions
Lewis Shaw, FCA registration number 927754, trading as Shaw Financial Services, is an appointed representative of King Mortgages Ltd, which is authorised & regulated by the Financial Conduct Authority, FCA registration number 803561.
There may be a fee for arranging a mortgage. A typical fee is £598; however, this could be up to £998. Any fees will be discussed with you and agreed, in writing, prior to any work commencing.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Some forms of Buy To Let mortgages are not regulated by the Financial Conduct Authority. There is no guarantee that it will be possible to arrange continuous letting of the property nor that rental income will be sufficient to meet the cost of the mortgage.
The guidance &/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers in the UK. As with all insurance policies, conditions & exclusions will apply.
THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Registered Office Address - Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
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