Critical illness cover is a policy that provides you a tax-free lump sum of money if you were to be diagnosed with a serious or long-term illness. This type of policy is designed to help support you and your family financially, relieving you of stress during an incredibly difficult period.
It is usually the most expensive type of protection; however, it can give you financial protection even if you don’t die.
No one wants to think about being diagnosed with a serious illness, however life often throws unexpected curveballs at you. If you became seriously ill, you could find yourself under huge financial burden. This cover helps relieve that burden and helps you pay your mortgage/rent and bills.
Critical Illness is a financial product that many don’t put in place. Working out what type of policy you need isn’t the most straight forward thing and many people that revert to comparison websites end up with ineffective cover or no cover at all.
Getting actual advice is vital when taking out any protection policy. There are so many different things to consider, such as the type of policy you want, your budget, your medical history etc.
We will carry out a full review of your circumstances, including any existing policies. We will then search the market for a policy designed to meet your needs within your budget and make a recommendation. We will then take care of everything for you, from the application to the underwriting and any medical reports if necessary.
Here are our 3 most commonly asked questions around protection.
No, no mortgage lenders have made life insurance compulsory when you get a mortgage. However, it is highly recommended if you have a family and want to relieve any financial burden on them if you were to pass away.
There is no set cost for this type of insurance as it’s based on your individual circumstances and needs. Things like your medical history, height and weight and smoker status get taken into consideration when insurers give you a quote.
Like any insurance product, protection products won’t pay out if you didn’t disclose vital information when you initially made the application, or for fraud. Other than this, if the claim is for something covered under the policy conditions, it should pay out.
So that we can identify your options and the best next steps to take, have a free, no obligation chat with us. We will learn about and you and your circumstances in order to develop a bespoke plan of action.
As the mighty Oak Tree represents longevity, strength & stability, we specialise in forging long term relationships with our clients based on trust and honesty, to build solid foundations for their future.
Oak FS Ltd trading as Oak Financial is registered with the Data Protection Act 1998 Registration Number ZB473115 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 1015779 and are an Appointed Representative of TMG Direct Limited which is authorised & regulated by the Financial Conduct Authority under Firm Reference Number 786245 and registered with the Data Protection Act 1998 Registration Number: ZA178200.
Think carefully before securing debts against your home. Your home may be repossess if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
