What Is Critical Illness Insurance
Critical Illness Insurance is a policy which provides you with a tax-free cash lump sum on the diagnosis of certain specified illness.
Critical Illness Cover
Protecting you and your family with the right Critical Illness Insurance policy is very important to us. Thomas & Co can offer the most suitable, affordable Critical Illness Cover from the whole insurance market. A Critical Illness Policy will protect you and your family should a life changing condition suddenly arise through the diagnosis of a serious illness.
Can I buy Critical Illness without Life Insurance?
Yes, you can buy Critical Illness without life insurance, however it is common to buy both together and we can assist you with whichever option you require.
Do I need Critical Illness Cover?
In the UK the average person aged under 45 has less than £10,000 in savings. With the average UK household living expenses estimated at £2,900 per month then most people would be unable to pay their bills for more than 3 months should they be unable to work due to a long-term Illness. Critical Illness Insurance will pay a tax-free lump sum which can be used to support your expenses should you be unable to work.
Examples of cover provided by Critical Illness Policies
While Critical Illness policies do differ between insurers, when you are diagnosed with one of pre-defined conditions they will pay out a tax-free lump sum based upon the selected policy limits, these conditions include but not limited to:
- Heart Attacks
- Multiple Sclerosis
- Benign Brain Tumours
- Parkinson’s Disease
How much Critical Illness Cover do I need?
This depends upon your personal circumstances, a common way of choosing how much cover you require is to add up your household expenditure and see what shortfall would be left should you be unable to work. This will provide a guide
Critical Illness Broker
Thomas & Co have a dedicated team on hand to assist you in the purchasing of your Critical Illness Insurance, our broking team have vast knowledge and experience to help explain the different covers and policy limits available.
Critical Illness v Income Protection
These are two very different policies; Critical Illness Cover will provide a cash lump sum while Income Protection will a regular income if in the event you are unable to work due to an injury or illness. Further information on Income Protection can be found on our page HERE