Critical Illness
CRITICAL ILLNESS
A helping hand for you and your loved ones
More of us than ever before will suffer a serious illness at some point during our lives and it is important to consider what financial impact this could have on you and your family.
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If you are diagnosed with a serious illness, critical illness insurance provides a lump sum payment to cover medical expenses, repayment of debt, necessary changes to your home, or any other financial burden that may arise during your recovery. This type of insurance can be especially valuable if you are the primary breadwinner for your family.
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Many Critical Illness insurers will now also extend cover to your children to ensure that the whole family is protected, recognising that your son or daughter suffering a Critical Illness such as Cancer, could have a devastating impact on your family.
How does it work?
Critical Illness contracts can vary hugely from different providers and therefore it is important to get help before making a choice on what cover is right for you. In the event of a successful claim, a policy will be paid directly to you and it is typically paid tax free. It can be used for any purpose, such as maintaining your standard of living, paying your mortgage, making changes to your home, or paying for private healthcare.
As an adviser we would typically guide a client in covering the illnesses they deem to be important versus their budget, whether that’s a very basic low cost critical illness plan or one that covers for everything. All the major policies cover illnesses such as cancer, heart attack, stroke, permanent disability, blindness and deafness.
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When you’re covering for critical illnesses, your health is going to be looked at in much more detail, so if you do have pre-existing conditions, there are things called exclusions within a critical illness policy. Just like any insurance, the younger and healthier you are, the better.
At Parx, we prioritise informing you about critical illness insurance and other options and while we hope you'll never need to use your policy, it gives you the reassurance and peace of mind.
