If you were diagnosed with a serious illness how would you cope? This could be a life-changing illness and you may incur increased costs in your day to day life. We would ensure that you would be provided with a lump sum of money to help in these circumstances.
Key Mortgages and Protection can help you find the right policy for your particular circumstances to help cover health-related costs and additional monthly expenses.
The policy you choose will list the specific medical conditions or injuries that are covered. These might include certain types and stages of cancer, heart attacks, strokes or conditions such as MS. The policy will usually pay a one-off payment that will help with any financial complications that may arise from the illness.
It’s important to thoroughly look through the details of your policy as surprisingly, some critical illnesses are not included.
Critical illnesses and terminal illnesses are defined differently where insurance is concerned. A terminal illness has no known cure and a life expectancy of less than 12 months. This is usually included as part of a life insurance policy.
You also probably won’t be covered for health issues you already knew you had before taking out the policy. Key Mortgages and Protection can help clear up the confusion and guide you through the process of getting critical illness cover.
The main difference here is the circumstance in which each type of policy would pay out. If you were to die during the terms of your policy, life cover would pay out a one off lump sum whereas critical illness cover would pay out upon diagnosis of the medical condition or illness.
Standard policies will not cover all types of cancer, you should check with your provider before proceeding with an application.
The main difference here is the payout. Income protection will only provide you with a percentage of your income while critical illness cover gives you a one off lump sum.
You can take out a policy for as long as you need the support to meet financial commitments. The maximum term length is 40 years, while the minimum is 2.