Many people take out life insurance cover so that their mortgage is settled if they were to die. With the incredible advancements in medical care and our amazing NHS, people are not only living longer, but an increasing number of people are survive and recover fully from sickness that were once terminal. This then causes a challenge for the patients (and their families) going through long term sickness and recovery as the income available is no longer secure. This is where critical illness cover steps in to save the day!
Critical Illness cover provides a lump sum benefit designed to pay off mortgage debt or provide a person with money in the event of a critical illness. This is to remove the financial burden of a mortgage while recovery happens.
Each insurance provider has their own criteria and levels of cover available so finding the right cover for you can be challenging but is essential.
In the UK, the average age of claimants is only 47 years old with the average claim payout being just under £70k with over 92% of claims being paid out. The top 3 illnesses claimed for are cancer, heart attack and stroke.
So how much might critical insurance cover cost? 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. Below are two examples of what monthly cover might cost
Male | 28 years old | 30 years cover | £125,000
Female | 45 years old | 20 years cover | £200,000
If you have not yet sourced critical illness insurance, please get in touch today and allow us to give you a FREE no obligation quote.