LIVE 24-SEVEN
PROVIDING FOR YOU & YOUR FAMILY SERIOUS ILLNESS COVER –
WHAT IS IT AND WHAT DOES IT 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 Serious Illness Cover and what It is designed to do.
The Need for Serious Illness Cover? The number of people surviving a serious illness 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 a serious illness, but the reality is that it could happen to anyone at any age – and when you least expect it.
MPG 6
What is Serious Illness Cover? Serious illness cover, s a long-term insurance policy which covers serious illnesses typically up to 182 conditions within a policy. Based on the severity of the condition will depend on the initial pay out, varying from 5%-100% of the sum assured. Dependant on your condition you can claim multiple times until you have used up your entire cover amount. Because your condition is paid out based on severity this means you get paid at earlier stages than a typical critical illness plan.
If you get one of these illnesses diagnosed, you will receive a tax-free 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 medical conditions are covered, and the policy will also state how severe the condition must be. Do not confuse serious illness cover with life insurance or terminal illness benefit, 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 is Covered? What are the typical conditions that are covered in a Serious Illness Policy? Examples of conditions might be covered include: - All strokes, all heart attacks, more cancers than any other insurer, multiple sclerosis, Alzheimer’s disease, benign brain tumour, heart valve replacement or repair, coma, kidney failure, tunnel vision. Just a small selection of the possible conditions 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. Permanent disablement is automatically included in a Serious illness policy.
Children’s Serious Illness You can also opt for children’s serious illness cover, helping them to cope with their illness. This will provide a tax-free lump sum of money, normally between £20,000 to £100,000 per child in the event of illnesses such as cerebral palsy, child diabetes type 1 requiring permanent insulin injections, child intensive care benefit, craniosynostosis, cystic fibrosis, down syndrome. Again, these are just a small selection of the illnesses could be covered, within a policy.
You are 2 ½ times more likely to get a pay-out from serious illness cover than you are from a typical critical illness policy.
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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