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LIVE 24-SEVEN


PROVIDING FOR YOUR FAMILY CRITICAL ILLNESS COVER - CHOOSING THE CORRECT TYPE OF POLICY & COVER


January is the start of another year where we as individuals and together with our family have a new set of targets, dreams and things we want to achieve. Christmas festivities already seem a distant memory. However, the importance of family is still at the forefront of all we do. In the December issue we looked at life assurance to provide for the family in the event of an untimely death. This issue will explain the importance of Critical Illness protection for you and your family.


The Need for Critical Illness Cover The number of people surviving critical illnesses has increased significantly in recent years, due to advancements in medical science, improved hospital care and generally healthier lifestyles. Whilst this is good news, it does mean an increasing number of people are requiring financial support during their treatment and recovery, helping them to cope with their illness. It is easy to assume or hope you would never be affected by critical illness, but the reality is that it could happen to anyone – and when you least expect it.


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What is Critical Illness Cover? Critical illness cover, also known as critical illness insurance, is a long-term insurance policy which covers serious illnesses listed within a policy. If you get one of these illnesses, a critical illness policy will pay out a tax-free, one-off payment. This can help pay for your mortgage, rent, debts. Alterations to your home, such as wheelchair access, should you need it or private medical treatment.


Please be aware that not all conditions are covered, and the policy will also state how serious the condition must be. Do not confuse critical illness cover with life insurance, although they are sometimes sold together.


Every year one million workers in the UK unexpectedly find themselves unable to work because of injury or illness according to the ABI (Association of British Insurers 2018).


What are the typical illnesses that are covered in


a Critical Illness Policy? Examples of critical illnesses that might be covered include: - stroke, heart attack, certain types and stages of cancer, multiple sclerosis, Alzheimer’s disease, benign brain tumour, heart valve


replacement or repair, coma, carcinoma in situ of the breast and kidney failure. Just a small selection of the possible illnesses that could be covered. Each insurance company has different options and not all policies do the same. Therefore it is most important to get the qualified advice from a professional financial adviser who can recommended a suitable policy, level of cover and the most appropriate insurance provider for you.


Most policies will also consider permanent disabilities as a result of injury or illness. It only pays out once as a one-off tax-free lump sum and then the policy ends.


Children’s Critical Illness Some policies will also give you the option of children’s critical illness cover and, in some cases, free of charge. This will provide a tax free lump sum of money, normally up to £25,000 per child in the event of illnesses such as cerebral palsy, child diabetes mellitus type 1 requiring permanent insulin injections, child intensive care benefit, craniosynostosis, cystic fibrosis, down syndrome, Edwards syndrome, spina bifida, cancer, kidney failure and major organ transplant. Again these are just a small selection of the illnesses that could be covered.


It is always important to obtain advice from a qualified Financial Adviser. They can find the most suitable type of policy and the correct level of cover for you and the family.


Moneywatch Finance have offices in Halesowen, Harborne & Solihull


For further information please contact Peter Hunt on: 0121 503 0961 www.moneywatchfinance.com LIVE24-SEVEN.COM


THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE


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