As with every other region in the United Kingdom, Northern Ireland has an increasingly ageing population. Medicine has progressed so much that people are not only living longer in general, but are recovering from and surviving what would previously have been fatal illnesses.
While that is great news, it does, unfortunately, create difficulties for patients and their families. While many people take out life insurance cover to ensure that their mortgage is settled in the event of their death, recovery from serious illness can lead to difficulties in what was previously an assured income stream.
Let’s face it; the last thing you want to worrying about as you are recovering from serious illness is how you’re going to pay the bills!
Fortunately, that’s where critical illness cover comes into its own.
In the event that you become seriously ill – say, from cancer, a heart attack or a stroke – critical illness cover pays out a lump sum, which is designed to either pay off mortgage debt or to provide you with income while you recover. Put simply, it removes any potential financial burden, enabling you to focus on recovery.
So how much does critical insurance cover cost? Well, there are a variety of factors that will affect the cost of a policy including age, duration of cover needed and the value of the cover, but below are two examples of what monthly cover could cost:
Male | 28 years old | 30 years cover | £125,000
Female | 45 years old | 20 years cover | £200,000
Don’t think for a moment that critical illness cover is only for the elderly. In the UK, the average claimant is only 47 years old and the average payout is just under £70k.
The good news though is that more than 92% of claims are paid out.
Each insurance provider has their own criteria and levels of cover available so finding the right cover for you can be challenging, but if you think that critical illness cover would give YOU peace of mind, contact us today and arrange an appointment to speak to one of our insurance advisors to obtain a FREE, no-obligation quote.