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Critical illness Insurance is a policy that is taken out to financially protect you if you are diagnosed with a certain illness or disability. Not all serious illnesses are covered in each policy, therefore, you will have to explore your options and find out what you want to be covered for before taking out a policy. Your critical illness advisor will talk through this with you.
Sometimes a claim may be rejected because the applicant does not disclose certain health conditions at the time of application. This is why it is so important that you are completely honest with your advisor and list everything that you can. This, however, does not apply to conditions that you were unaware of or were not present at the time of taking out the policy.
If the policyholder passes away from a condition or illness that is listed on the policy, the lump sum will release. This still applies even if the policyholder has or can return to work.
When the policyholder receives the lump sum, it is up to them what they do with the money. Most people choose to pay off their mortgage, whereas others may choose to put the money towards medical care or home improvements.
If you are looking into Critical Illness or mortgage advice in London, we are here to help answer all of your insurance questions. Getting advice before taking out an insurance product could help you find the most appropriate product for you and your personal circumstances.
Critical Illness covers more things than most life insurance products therefore it is more likely to pay out. This can make the cover a little more costly.
You are more likely to survive these types of illnesses in this day and age, therefore, it is important to have a source of income to help support your finances. You need to also think about your mortgage, children or large credit commitments.
Our qualified protection & mortgage advisors in London will always be open and honest with you when it comes to taking out critical illness cover. We will make sure that you are getting exactly what you want from your policy. Critical illness can be a little more costly when compared to life insurance, and this is because it covers more, such as illnesses and disabilities.
Your advisor will make sure that you are aware of the ins and outs of your product, and how it works. They will explore all of your options first and make sure that this is the best option for you. If another policy may be more beneficial for your situation, they will be completely transparent and tell you so.
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2 years ago
Critical illness cover is a type of insurance that can provide you with financial relief if you are diagnosed with a serious illness or disability. It can help cover your mortgage payments, pay off any debts you may have accumulated or something else.
In the event of a claim being made, you can either be given a tax-free lump sum or arrange for monthly payments to release from the policy.
Usually, the policy will last for a specific number of years. Upon taking out the policy, the length of the policy will be outlined. If you want to be covered over your whole life, you may be more suited to a Whole of Life insurance product.
Most critical illness policies will include cover for heart attacks, strokes, cancer etc. The way that your monthly fee is worked out is not only down to what you are covered for, but they will also factor in your age, gender, health and medical record, what your job is and whether or not you drink or smoke.
Discuss with a dedicated protection advisor about possible relevant insurances you would like to take or that we can suggest to you. Your protection advisor in London will run through you health background with you, gathering some initial information.
We will build a tailored plan surrounding your current personal and financial circumstances, meeting your available monthly budget. Our team can search through 1000s of insurance products to find the most suitable one, to protect you and your family.
Once we have found the appropriate product for you and you are happy to proceed, we will submit your application to the provider. From time to time, the policy provider may come back to us for further information, before they will look at accepting the application.
If you took out your mortgage with us too, we will be back in touch with you at remortgage time. We will also take this time to review any policies you have in place. Circumstances change and the policies you took out at the start of your mortgage, may no longer be suitable for you at remortgage time.
If you think that you would benefit from our free insurance review, simply book a free appointment online or give our friendly team a call. Once you get in touch, you will be able to directly book with a specialist that will be able to answer all of your insurance questions.
More often than not, we also see that customers want to take out critical illness in conjunction with other insurance policies. If this is something that you want to do, don't hesitate to get in touch and we can put together a personal menu plan for you.
We have a large number of insurance lenders on panel and we are able to search through their products in order to find the most suitable one for you.
Your protection advisor will factor in your personal and financial situation before recommending a product.
To make sure that you are taking out the most suitable policy for your situation, our life insurance & mortgage advisors in London will talk you through the different types of insurances and how they work before you take one out.
Whether you are considering insurance or not, a free protection review will help you learn about how they can help your loved ones financially, if you pass away.
Our advisors are available 7 days a week! If you have any questions and would like to speak with an insurance expert, feel free to book a free insurance review online. Alternatively, if you would prefer to give us a call, our experts will be waiting by the phone ready to help.
Choose a date and time that is most convenient for you. Call us and choose an appointment that fits around your personal and working schedule.
You are more likely to survive and recover if you get seriously ill or are diagnosed with an illness or disability, therefore, you may need financial support to help you with payments such as your mortgage, child support or something else.
The lump sum doesn’t have to be used on any of these things, some people use it on a holiday or buy something to treat themselves.
Just like life insurance, you may be able to take out a joint critical illness policy that pays out when you or your partner gets critically ill. The drawback to these policies is that the full policy lump sum will pay out at once.
If you are diagnosed or get seriously ill and the illness is covered in your policy, you will receive a lump sum. This is done to financially support you and your family in these uncertain times; income protection carries on paying out if the illness or diagnosis resolves in you being unable to work. This can also keep paying out in monthly instalments until retirement.
Unlike critical illness cover, income protection will be guaranteed to pay out if you are unable to work. This will be carried on until you are able to work again or if you die.
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Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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