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Have you considered critical illness cover?

It is something that you always assume will happen to someone else but sadly Enable’s IFAs in Bishop’s Stortford know it can happen to anyone. Some recent research form the Mortgage Advice Bureau, revealed that over 50% of homeowners aged 18 to 40 do not currently have critical illness cover (CIC).

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Critical illness cover is a form of insurance which pays out a tax-free lump sum in the event that you are diagnosed with a specified illness or medical condition during the term of the policy. Critical illness cover, also known as critical illness insurance, is a long-term insurance policy to cover specific serious illnesses listed within a policy. Should the worst happen, it gives a tax-free ‘lump sum’ – a one-off payment, to help pay for your mortgage or rent, debts, or pay for alterations to your home such as wheelchair access should you need it, but it’s your choice how you spend it.

Every year 1m workers in the UK unexpectedly find themselves unable to work because of injury or illness, the kinds of critical illnesses that might be covered by CIC are things like a heart attack, a stroke, certain types and stages of cancer and debilitating conditions such as multiple sclerosis or muscular dystrophy.  The majority of CIC policies also cover permanent disabilities as a result of injury or illness. Some policies offer monthly payments others pay out once and then the policy ends. Some policies will make a smaller payment for less severe conditions. This type of insurance does not pay out if you die. Enables IFA’s in Bishops Stortford want to make sure you have the insurance covers you need understanding the policy details so make sure you’re fully aware of them and that they cover your need.

Source: https://www.moneyadviceservice.org.uk/en/articles/critical-illness-insurance-do-you-need-it

Issued by: Enable Independent Financial Life Planners • 
25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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