You may be one of the millions of people in the United Kingdom who have critical illness cover. This vital protection was often taken out when you took out your first mortgage or renewed it. A good mortgage broker will renew your policies for you to ensure that they still provide the level of cover needed. Many people who renewed their mortgage without taking advice could find out that while this was convenient, they missed out on the vital review of their protection policies.
Why do I need critical illness cover?
A good plan will pay-out if you are diagnosed with a critical illness that meets the insurance provider’s definition during the term of the policy. These definitions do vary a lot from insurance company to insurance company.
If you claim, the money paid out is tax-free and can be used any way you wish. It could be used to repay a mortgage, replace lost income or for private medical treatment. It enables you to concentrate on the important things in life rather than worrying about the money.
Remember, a critical illness policy does not have a surrender value. It also does not pay out on death.
Have your circumstances changed?
If your health has deteriorated since you took the policy out, as a rule, you are better off staying with your existing policy. Alternatively, if your health has improved by say giving up smoking or losing weight, it might be worth finding out if you can now get better terms. Additionally, if any of the following has happened: –
- You have married
- You have had children
- Taken out a larger mortgage
- Paid off your mortgage
- You have changed your working hours
- You have had a pay rise
- Your children are now independent
Then again, it’s worth getting the policy reviewed. Critical illness cover is not something to buy and just forget about. So dig out that paperwork and give us a call.
How Anstee & Co can help you?
We are a firm of Independent Financial Advisers (IFA’s). This means that the financial advice we provide is unbiased. Why not arrange a meeting with us today to find out more and to see how we can help you? The initial “get to know you” meeting, is at our cost and without obligation. We can review your existing plans and help to explain the cover they provide. This will help you to understand if your policies still meet your current requirements.
- London, Pall Mall, Greater London
- Kettering, Northamptonshire
- Stamford, Lincolnshire
- Towcester, Northamptonshire
Also, our financial planners live and work from, Northampton, Bedford, Thrapston and Wellingborough.
Due to the present government guidelines regarding social distancing, we are now making use of video conferencing facilities such as: –
- Microsoft Teams
We can also arrange a conference telephone call. There is no need to visit an office as all work can be handled remotely.
So, if you have any thoughts or comments about this article, “Critical illness cover. Preparing for the worst.”, then we would love to hear your thoughts.
Finally, the information contained in this article is for information purposes only and does not constitute financial advice. No action should be taken based on this information alone. Anstee & Co. is authorised and regulated by the Financial Conduct Authority (FCA).