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Whilst no one wants to tempt fate, taking out a critical illness insurance policy can provide the protection you need should the worst happen. Many policies offer long term assurances for individuals and their families so if you develop a serious illness you can receive a one-off payment to help settle household bills, pay off your debts or provide the essential finances you need to make necessary adjustments throughout your home, i.e. if your illness means you require supported living facilities.
We provide independent advice and support on critical illness insurance throughout Buxton so you can choose a provider and a policy that suits your circumstances, but who needs this type of cover?
Do you have limited savings?
Unfortunately more than 1 million UK workers sustain a serious injury or develop an illness that leaves them unable to work each year, and for many that do not have critical illness insurance this can be an even more troubling time as they face not being able to support their families as well as taking on intensive treatment in the aftermath of a heart attack, stroke or cancer diagnosis.
For those with limited savings, critical illness insurance ensures they can have access to the cash they need to replace their income in light of a serious injury or illness.
Does your employer provide a suitable benefits package?
For the majority of people state benefits are not enough to cover the most basic living costs, and many will in fact not be eligible for such assistance from the welfare system. A great number of employers supply employee benefits packages so that any long period of sick leave is covered. However, if your employer doesn’t provide such a scheme, critical illness cover can offer the stability you need.
Do you have sole responsibility for covering living costs?
For those with a partner that can take shared responsibility for living costs, critical illness insurance may not be a consideration but if you have a sole duty to cover finances like your mortgage or rent, utilities, debt repayments and other costs then critical illness cover could enable you and your family to live to your means even if you are affected by a long term illness or injury.
*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*