Critical Illness Insurance to manage your mortgage debt
Most people understand life insurance. You pay your premiums and your dependents obtain cash. Anyone with financial dependents needs life insurance cover as part of their financial planning arrangements.
But what happens if you are seriously ill but survive? A critical illness can severely affect your lifestyle. You may find that you cannot work the same hours as previously or in the same way, and this can affect your financial position.
Critical Illness Insurance protects you at a time when most vulnerable. If like most of us you have mortgages, loans, or financial dependents, critical illness cover should be considered.
Critical Illness Insurance to protect your home
You should use a critical illness policy to cover your outstanding mortgage. In the event of you suffering a critical illness, your mortgage would be repaid and your major financial commitment will be resolved at a difficult time in your life.
Critical Illness Insurance to protect your family
Protect your family with a critical illness policy. In the event of you suffering a critical illness, a cash injection would remove your worries about maintaining the household budget.
Critical Illness Insurance to protect your business
What happens if a key employee in your business suffers from a critical illness? Would this lead to lower profits? Could your entire business be at risk? Taking key man cover with a critical illness insurance policy on your employee would provide a cash injection to safeguard your business.
Critical Illness Insurance – Main areas of claim – Cancer
Cancer is a term describing medical conditions where cells grow in an uncontrolled manner. Cancer is particularly dangerous as it can spread through a process called metastasis.
In the UK, 300,000 cases of Cancer are diagnosed each year.
Although there are hundreds of different types of cancer, the most common types in the UK are:
You can reduce your risks by being a non-smoker, watching your weight through diet and regular exercise, and limiting your alcohol intake.
Critical Illness Insurance – Main areas of claim – Heart Attack
A heart attack occurs when blood flow to the heart muscle is blocked. Loss of regular blood flow leaves the heart muscle damaged from lack of oxygen. Given the treatments available today, many heart attack sufferers survive if treated quickly. In England alone, there are 111,000 heart attacks each year. Half of these patients will survive and live for many more years.
After surviving a heart attack, the last thing you need is stress through financial worries. Critical illness insurance cover can prevent this.
Most heart attacks are caused by coronary artery disease (CAD). In this condition, fat builds up in the walls of the arteries leading to an increased risk of blood clots forming.
Signs of a heart attack:
Chest discomfort – feelings of pressure or squeezing
Chest pain – strong or mild
Pains in the upper torso and arms
Sweating or nausea
Dizziness or fainting
If you have any concerns, get medical help fast.
To reduce your risk of a heart attack, stop smoking, get regular exercise, and avoid fatty foods.
Critical Illness Insurance – Main areas of claim – Stroke
When you suffer a stroke, the blood supply to a part of your brain is cut off. This can cause damage or death to brain cells.
Strokes can lead to loss of speech, sight, hearing, mobility, or confusion. A stroke victim may never be in a position to return to their previous occupation.
If you suspect a stroke, use the FAST test.
Face – Has the person’s face altered shape and can they smile?
Arms – Can they raise both arms?
Speech – Can they speak, listen and understand?
Time – Get medical help quickly should you have any concerns.
Critical Illness Insurance Examples
Doctors experiencing critical illness
Here at A Mortgage Now we are strong believers in our clients protecting themselves and their families through life and critical illness insurance.
Recent events affecting two of our clients justified our faith in critical illness protection.
What is particularly powerful is that both of these clients are Medical Doctors and are more used to supporting others than having to deal with the consequences of serious illnesses themselves.
Thankfully they have both survived to tell the tale, and we were grateful that they were prepared to talk to us about their experiences of critical illness insurance.
Read their stories below – we have altered our clients’ names to protect their privacy. We asked Richard about his experience with critical illness insurance