It is understandable that you may worry from time to time about how you and your family would cope financially if you were unable to work due to an illness. Cheap critical cover may offer a solution, which could put your mind at rest.
A critical illness insurance policy may provide you with a tax free lump sum if you are diagnosed with a serious or life threatening illness.
This means that if you are unable to continue working and cannot earn a living to pay bills and support your family, you have the financial support provided by your critical illness cover to fall back on.
The critical illness insurance cover that you arrange will be tailored to your own unique set of circumstances both personal and financial.
So things like your age, the length of the term of the policy, and the value of the tax free lump sum that it provides for you, are all factors which determine that actual cost to you in terms of the premium charged.
This means that what constitutes cheap critical cover for you may not appear cheap to someone else who will obviously have their own individual set of circumstances.
As you may become aware when you get a critical illness cover quote, there are also a number of options that you can choose from in terms of the nature of the cover provided.
- you may primarily be looking for something that will pay off your mortgage and opt for a decreasing term policy where the lump sum decreases over time in line with your mortgage;
- alternatively, you may prefer to receive a fixed lump sum which can be inflation proofed and which you can use as you see fit to maintain your lifestyle;
- a serious rather than critical illness policy may provide cover for a larger number of less serious illnesses and may also have the additional benefit of paying out more than once.
A critical illness cover quote can provide you with the information you need to decide which of the options for cheap critical cover may be most appropriate for you.