Critical Illness Insurance is used in a lump sum when a large health event such as certain forms of cancer, heart attack, or a stroke occurs. It provides a financial blanket if you get sick from any of the diseases listed in the policy. Not all serious illnesses are covered in every policy, however, your policy terms will have more information on this.
Sometimes a claim may be rejected because the applicant does not disclose certain health conditions at the time of application. This does not apply to conditions that you did not know or were not present at the time of application.
If the condition is mentioned in the policy, the lump sum is paid. This applies even if they have or can return to work.
What the claimant does with the lump sum, is entirely up to them. Many use the money to repay their mortgage, pay for medical care or make any developments to their home.
If you are looking into protection advice in Middlesbrough, it’s always recommended to speak with a qualified protection specialist prior to taking out any type of cover.
You are more likely to claim on Critical Illness Cover than you would be with Life Insurance, so this can be more costly. Your protection specialist advisor in Middlesbrough will help you find the most favourable deal.
You are more likely to survive the types of conditions covered than they were 30 years ago. Unfortunately, if you get sick with any of the conditions, this can cause financial difficulties, especially if you have a mortgage, children or large credit commitments.
Critical illness cover in Middlesbrough is a type of insurance that can provide you with financial relief if you happen to be diagnosed with a particular illness, medical condition or a disability of some kind. If you do need to make a claim, you can be given a tax-free lump sum to help you cover costs such as ongoing care, home alterations, mortgage payments and more.
Typically speaking, your policy will last for a specific number of years, though there are protection providers out there who may offer whole of life policies. Every protection provider that offers this type of cover, will not only have their own examples of what classes as "critical illness", with the major ones being heart attacks, strokes, cancer etc., but they will also determine your monthly fee based on your age, gender, health and medical record, what your job is and whether or not you drink or smoke.
If you are looking into protection advice in Middlesbrough, it’s always recommended to speak with a qualified protection advisor in Middlesbrough prior to taking out any type of cover. You are more likely to claim on Critical Illness Cover than you would be with Life Insurance, so this can be more costly. Your protection specialist will help you find the most favourable deal.
There is a higher chance of you surviving the types of conditions covered than it was 30 years ago. If you do unfortunately become ill with any of the conditions, this can create financial hardship, especially if you have a mortgage, children or any large credit commitments.
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Discuss with a dedicated protection advisor about possible relevant insurances you would like to take or that we can suggest to you. Your protection advisor in Middlesbrough will run through you health background with you, gathering some initial information.
We will build a tailored plan surrounding your current personal and financial circumstances, meeting your available monthly budget. Our team can search through 1000s of insurance products to find the most suitable one, to protect you and your family.
Once we have found the appropriate product for you and you are happy to proceed, we will submit your application to the provider. From time to time, the policy provider may come back to us for further information, before they will look at accepting the application.
If you took out your mortgage with us too, we will be back in touch with you at remortgage time. We will also take this time to review any policies you have in place. Circumstances change and the policies you took out at the start of your mortgage, may no longer be suitable for you at remortgage time.
Here our mortgage broker in Middlesbrough all our customers are offered a free, no-obligation protection review which involves speaking to one of our Insurance Advisors in Middlesbrough who will assess your suitability as well as look into existing policies in place. Remember, insurance could be very beneficial for your future.
Our qualified protection advisors in Middlesbrough, provide a tailored service that can help you find the best cover for you and your circumstances. Furthermore, we understand that affordability is key, which is why we find the type of cover that is fitting for your family’s priorities and budget.
Take a look at our fantastic reviews by heading over to our reviews page. You may find that someone has been in a similar situation to you before and we have been able to help.
If you are looking to take out a menu plan (one or more insurances at once) we can also help with that! All you have to do is get in touch with our team and we can run through some quotes with you.
With today’s medical advances, you are more likely to survive and recover if you get seriously ill. As mentioned earlier, a lump sum can be used for anything. Some people use it to finance recovery, pay bills and relieve general financial stress.
Joint critical illness cover is an option that is there for if you or your partner gets critically ill, providing you with the funds you need. The one drawback for this is that it will pay in full, even if only one of you gets seriously ill.
If you have any of the conditions listed in the policy, you will be paid a lump sum of critical illness coverage. This is done to support you and your family, while income protection is paid in the form of ongoing income. This is useful in the event of being unable to work and has the option to be paid to retirement age.
Unlike critical illness cover, income protection will be guaranteed to pay out if you are unable to work. This will be carried on until you are able to work again or if you die.