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Critical Illness |
Critical Illness is the wonderful name given to policies
that pay out on diagnosis of one of a number of conditions.
The list makes pretty cheerful reading and includes: Cancer,
heart disease, stroke, paralysis and the like. The list
can be very comprehensive covering all the major conditions
that may cause financial hardship but that will depend
on the provider of the cover. What may look like a cost
effective premium may well be cheap because the cover
is riddled with holes.
The most sensible approach is to isolate those commitments
or responsibilities that would suffer most in the short
term, then add in the cost of convalescence and come
up with a sum that you would like to receive in the
event of serious ill health.
Very often, the best strategy is to combine the short
term gain from a lump sum payment on diagnosis with
well planned income protection to cater for the longer
term financial consequences of not having an income.
Our piece entitled Income Protection deals with the
most important points and the best way to protect your
income.
Combining life insurance, critical illness and income
protection in one plan has become very much the vogue
and is an excellent way of benefiting from easier underwriting,
economies of scale and less individual policies.
If you are interested in hearing more or would
like a quote, please get in
touch.
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