Critical Illness
You should always be prepared for the unexpected, this is one of the main reasons for taking out critical illness insurance. Obviously nobody wants to become critically ill, but you never know what life is going to throw at you next.
Critical illness insurance was created to offer you some protection should one of these terrible situations occur. It will provide a tax free lump sum of money should you suffer from a critical illness that is detailed within the policy you decide to take out. With the odds stacked so highly against us, it is suprising that more people don’t actually have this form of insurance. A recent survey was done and it found that more people actually had pet insurance than a form of critical illness cover.
More UK families have pet insurance than income protection or critical illness cover combined, according to figures from Aviva’s upcoming Family Finances Report. Pre-released statistics from the report indicate that while 20% of UK families have pet insurance, the proportion of UK families with either income protection (8%) or critical illness cover (11%) is marginally lower at 19%. The statistics are even more striking, given that only 46% of the UK population actually has a pet.
As with all forms of insurance there are variations of quality within the plans you can take. Although the Association Of British Insurers (ABI) have tightened up rules and regulations recently and made minimum guidelines that have to be adhered to. Having said this, the better plans are the ones that have the ABI definitions as a minimum but expand on these further to offer a very comprehensive plan.
You can decide to take your insurance out in two different forms. You can mirror it to run alongside your mortgage so it will pay off the outstanding amount on your mortgage should you suffer from a critical illness detailed in the plan you take. Or you could also decide to take the insurance on a level or term basis and this is designed to help family should you suffer from a critical illness.
Whichever way you decide to take your insurance, it could be the best decision you ever make.
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Please note for these insurance products terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.
‘YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.’
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