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Protection - Critical Illness

What is it?

Critical Illness cover is designed to help you cope with the kind of illnesses that can change the way you live the rest of your life. Typically, it pays out a lump sum if you are diagnosed with a specified illness within the term of the policy. The maximum payable varies between providers, but can range from £100,000 to £250,000.

Unlike other insurance that is linked to your ability to work, and acts as a replacement if you are unable to earn an income, critical illness cover is designed to help you pay for the things you need after diagnosis. This could mean changes to your home, a new car, or a permanent carer.

Critical Illness cover does not replace income, and is not intended to. If you want to protect mortgage payments or lost income, there are other more suitable products available.

What illnesses are covered?

Critical illnesses covered by each policy will differ from provider to provider. If not listed in your policy they won’t pay out. Checking the small print and terms of coverage is vital. In general, most policies will cover some forms of these illnesses:

Blindness – permanent and irreversible
Cancer – excluding less advanced cases
Coma – resulting in permanent symptoms
Deafness – permanent and irreversible
Heart Attack – of specified severity
Kidney Failure – requiring dialysis
Stroke – resulting in permanent symptoms

Some insurers will also automatically exclude any condition you already have, or are likely to get because of your lifestyle and state of health. If they regard you as a higher risk, premiums may be more.

Things to watch for

Find out if premiums are fixed or whether they’ll be increased during the term at regular intervals, following a review by the insurer.  Fixed premiums may appear more expensive, but could prove cheaper over the duration of coverage. Fewer providers offer fixed premiums nowadays. 

How long you must survive after diagnosis in order for the policy to pay out. Critical Illness is not life insurance, and will not pay out when you die, even if you die of a specified illness. You must survive for a set time, and this duration will differ between insurers.

A growing number of critical illness policies also cover children, so if you’ve a family it’s worth wrapping up your protection into one.

Need more help?

Most people think that these illnesses will not happen to them. Hopefully they won’t. However, critical conditions are not as rare as you might think. Prepare for the unexpected, by making sure you truly understand exactly what is and isn’t covered. We’re here to help, so ask for some advice. 

Mortgage Brokers In Harrow
Contact Annis Financial
Contact Annis Financial
Do you require expert mortgage advice?
Call us today on 020 8861 0719 
Email. annisfinancial@aol.com
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For residential mortgages we typically charge a fee of £395, the fee will be agreed with you before we commence any work

For Buy to Let mortgages we typically charge a fee of £495. For commercial mortgages we typically charge a fee of 0.5% to 1% of the mortgage and this will be confirmed to you at the outset, for example on a mortgage of £100,000 a 0.5% fee equates to £500 and a 1% fee equates to £1,000

The Financial Conduct Authority does not regulate conveyancing and some aspects of buy to let mortgages.

Annis Financial Management Ltd is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register No. 300242 at *www.fsa.gov.uk/register/home.do
Annis Financial Management Ltd is a credit broker and not a lender

Annis Financial Management Ltd registered in England & Wales No. 5018735. registered address 116 Elm Drive, Harrow, HA2 7BZ The Guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

Where you have a complaint or dispute with us and we are unable to resolve it to your satisfaction then you may have access to the Financial Ombudsman Service. Please see the following  link for further details *http://financial-ombudsman.org.uk

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Call us today on 020 8861 0719
Email. annisfinancial@aol.com

Annis Financial Management Ltd
116 Elm Drive Harrow, London HA2 7BZ
Phone: 020 8861 0719
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