Critical illness – do I have the right protection?

The pandemic has exposed our vulnerability and how anyone can suffer from a serious illness. 

It has shown us how important life and health is and highlighted the importance of having financial protection in place, should you need it. 

Insurers report a surge in demand for financial protection such as life insurance and critical illness cover.

Over a third of people (39%) are more likely to buy protection insurance as they re-evaluate priorities following their experiences during the pandemic, according to 2021 research from Hymans Robertson. 

What is critical illness protection?

Critical illness cover can offer a safety net to help you focus on living well, rather than worrying about what could happen, if you are unable to work due to a serious illness.

A critical illness plan is designed for people who want to protect themselves and their loved ones, if they’re diagnosed with a serious condition.  

Typically, these policies pay out a tax-free lump sum that can help pay for treatment, mortgage or rent costs if you need to take time off work or for changes to your home, if you need it.

The quality of cover can vary between providers. 

Policies only pay out once, after which the policy ends.

Most policies will also state how serious the condition must be to qualify for a payout.

Talk to us today

We can help you find out out more about critical illness policies which meet your requirements. 

Risk Warning
Any investment carries a degree of risk and your investments may decrease in value or fail. The levels and bases of taxation and reliefs can change at any time and are dependent on individual circumstances.