The real cost of critical illness

Critical Illness Insurance pays a lump sum cash benefit when you are diagnosed With A Critical Illness. … Appropriately, it’s called Critical Illness Insurance. This specialised insurance provides a lump-sum, tax-free payment should a policyholder suffer from certain specific critical conditions.

We often protect our car, home and pets before ourselves, sometimes assuming that personal protection such as critical illness cover is too expensive to consider. But without protecting yourself would you be able to cover the costs in the event of a critical illness?

A recent report by Macmillan Cancer Support suggests cancer costs an average of £570 a month in increased outgoings and reduced income. £570 is comparable to the average monthly mortgage payment in the UK.

Critical illness cover pays out a lump sum to help with these additional costs and loss of income should you be diagnosed with a critical illness included in your cover. The additional costs can often be associated with things like regular trips to medical appointments or in some cases having to pay for additional childcare.

As a result of cancer 30% of people experience also a loss of income, with those affected losing an average of £860 per month, whilst 33% of individuals either have to stop working permanently or temporarily.

Living with an illness is stressful enough for you and your family, but worrying about the implications of not having financial cover does not bear thinking about. Having suitable protection to give peace of mind and security for you and your family in the face of a critical illness has never been more important. Are you worried about your financial position should the worst happen?

Speak to one of our advisers today to see how they can help protect you.

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