In the 1960’s more than 7 out of 10 heart attacks in the UK were fatal. Today, at least 7 out of 10 survive.

(Source: British Heart Foundation, August 2017)

Similar improvements have also occurred with cancer treatment. In the 1970’s just 1 in 4 people survived their cancer disease for 10 years or more, today it’s 2 in 4.

(Source: Cancer Research UK website, January 2018)

These days, it’s more likely that you could survive a serious illness, such as heart attack, cancer or stroke. Although, if you did suffer a serious illness, it’s highly unlikely that you would make a swift return to work, which could create concerns regarding your finances. Fortunately, there is a specific product that may enable you to focus all your energies on recovery.

Critical Illness cover

This cover can encompasses a wide range of serious illnesses and conditions such as multiple sclerosis (although not all forms of cancer and heart disease are covered by a critical illness policy.)

However, if the condition was specified in your policy and you survive (generally for 30 days from the date of diagnosis), then the policy is designed to pay out a lump sum; thereby easing a lot of immediate financial worries.

Additionally, if you’re employed, you may also have the buffer of a period of disability cover as an employee benefit. After that, you may then have to fall back on state benefits of limited value.

Also, don’t just think that this should only be a concern if you are much older, as the average of critical illness claimants across many insurers is around the late 40’s!

What do you need?

You can decide the level of cover you require at the outset, should you need to claim. Perhaps you may want to have enough to pay off mortgage, or alternatively you opt for less cover (meaning a lower premium too), but still have enough to see you through the initial couple of years as you recover.

Critical illness cover can be taken as a stand-alone policy, or as a bolt-on to a life assurance plan. The policies will vary with regard to the illnesses covered, and in some cases it could also include cover for your children up to age 18 (if applicable), within a specified payout limit.

Please get in touch to find out more.

As with all insurance policies, terms, conditions and exclusions will apply.