Ask yourself a serious question: if you were diagnosed with cancer or suffered a stroke or heart attack next week, would you be able to cope financially? Donna Robertson, independent advisor with Jones & Co, discusses why critical illness cover is a product that you really shouldn’t be living without.
“The key with critical illness cover is that it’s just for you, the individual. It covers you personally if you are diagnosed with a critical or serious illness as defined under the policy. You receive a one-off tax-free, lump sum from the premium provider and you can spend it however you wish. You may want to use it to pay for private medical treatment, pay your mortgage or rent or adapt your home to facilitate disabled access if required.
“By purchasing a critical illness policy you will immediately reduce financial pressure on yourself. It will ensure you are well prepared, financially at least, for situations that none of us ever want to contemplate about but that do happen.
“The last thing you want to be thinking about when you’re undergoing cancer treatment is how you’re going to be able to afford your mortgage payments. No one wants financial trauma at any stage of life but potentially losing your home when you’re seriously ill is inconceivable.
“Critical illness cover offers the ultimate peace of mind should the unthinkable happen. It really is a financial product for everyone, irrespective of personal wealth or position or whether you’re a homeowner or not. And, I would always advise that you set up a policy whilst you’re fit and healthy as it’s much harder, and more expensive, the older you become.
“Setting up a policy is very straightforward. All you need to do is pop in for a chat so we can discuss individual circumstances and complete a health questionnaire. We will then match your requirements – and budget! – with the right providers and underwriters so we can then present the options that are available to you.
“It’s worth noting that, if you’re married or part of a couple, you can each have your own policy and a joint policy. So, you can essentially have three policies in place that could each provide a one-off payment if one or both of you are ever taken ill.”
For more information or to arrange a chat with Donna, please email firstname.lastname@example.org or call 01246 550521.