Critical Illness Insurance helps you financially in the case where you have been diagnosed with a particular illness. The insurance supports you by paying out a lump sum if you have been diagnosed with any of the conditions stated on the policy, such as cancer, heart attack, or stroke.
Make sure you do disclose any underlying health problems when you are taking the policy to avoid the risk of your claim being denied.
The lump sum is paid out in the event of a claim regardless of if the claimant returns to work or not. The important thing is establishing whether the illness had matched the definition on their policy.
The lump-sum can be used by the claimant for anything if it be repaying their mortgage, pay for medical care, or renovate their home.
Policies can be different in terms of which illness they cover and this all depends on which insurer you go to. It’s good to take advice on which policy is best for you to choose. Unlike life cover, critical illness insurance is a lot more expensive because you are more likely to make a claim.
The chances of surviving the types of conditions stated on the policy are a lot higher than they were 30 years ago. In the unfortunate event that you do contract one of the conditions, this often leads to financial consequences. This is one of the reasons why the cover is so popular especially for applicants who have mortgages or children to consider.
We strive to provide equal opportunity to all our customers when it comes to taking insurance out through ourselves. We wouldn’t be doing our job if we didn’t mention it!
Here at Cambridgemoneyman, we offer all of our customers a free, no-obligation protection review which involves us having a look at any existing policies you have in place and assess their suitability. From this, we will discuss any critical illness and income protection that will meet your needs and, if needed, we will try and personalise this to your available monthly budget.
Mortgage Protection Insurance is a term that is used to surround different kinds of cover. The purpose of this cover is to limit financial stress on you and your loved ones from any unforeseen circumstances that may occur.
Below, Malcolm has put together a video highlighting the significance of having the correct insurance in place for your situation. Due to the past events of the coronavirus pandemic, the importance of health and getting insurance is more prominent than ever.
When it comes to protecting you and your family, there is a range of insurances to choose from. Cambridgemoneyman can compare lots of providers and tailor the appropriate policy to your circumstances. Here are the insurance policies that we can offer to you:
One of our experienced Mortgage and Protection Advisors in Cambridge is always at the other end of the phone or email. If you need more information, get in touch.
Life insurance is there to protect your loved ones financially in the circumstance that you or another joint policy holder pass away. Here at Cambridgemoneyman, we can talk you through all the different types of life cover accessible to you and advise the most suitable plan for you.
This type of policy covers serious illnesses detailed within a policy. Usually, this includes stroke, heart attack, certain types and stages of cancer, and more.
You will find some illnesses will not be covered, this will be detailed within your policy. Furthermore, if you have pre-existing health issues you knew you had before taking out the insurance, it’s unlikely they will be covered. In the policy, the specific illnesses covered and not covered will be stated.
If you fall victim to one of the several specified critical illnesses, the benefit gets paid and pays you whatever the long-term prognosis of that illness. Seeking specialist mortgage advice in Cambridge is key because the type of conditions covered vary from company to company, and this is why this type of insurance cannot be solely price-driven.
Usually, many businesses will offer Life and Critical Illness cover as a combined policy, and the order of pay-out would be dependent on which event happens first, either death or severe illness, the pay-out is made. They could also get written on a single or joint life basis.
Unlike Life and Critical Illness, where the cover pays out a lump sum, Income Protection pays out a monthly sum that acts as a replacement of your wages in the event of you being unfit to work. Furthermore, there are no limitations on the illnesses or injuries covered, except whether they make you unfit to work.
One restriction, however, is the amount you can cover and how quickly the benefit would start to get paid. The policies are underwritten on your health and lifestyle when you applied, just like Life and Critical Illness Cover. When it comes to Income protection, the policies are written on a single life basis.
A menu plan is when you combine your Life Insurance, Critical Insurance, and Income Protection. A discount is added by the providers each time you add a benefit which can make it cost-effective
Furthermore, a menu plan provides you with a range of cover and benefits that you can mix and match. This allows you to tailor a plan that is appropriate for your needs. Covering yourself and your family is something we strongly advise should the worst happen. Our mortgage advisors in Cambridge can help you with providing more information if you are unsure.
Family Income Benefit is the least common, but can often be useful. In particular, for households with young people. These plans can get taken to Life and/or Critical Illness Cover, and get underwritten in the same way.
Unlike the traditional forms of policy, rather than pay out a lump sum, the cover would pay an annual or monthly income for the remainder of the term of the plan. Therefore, it can replace the payment of the primary worker for several years, dependent upon a particular client’s situation and, because of this, would usually be written on a level or basis, or an index-linked basis designed to keep up with inflation.
You will find that many people have more than one different type of policy, and it wouldn’t be right to think of Mortgage Protection Insurance is something that is not needed because you are thinking the unexpected won’t happen.
Our Mortgage Advisors in Cambridge are here to discuss with you and tailor the type of cover to be the most suitable combination to your family’s priority and budget. To find out more, give us a call or fill out our enquiry form to speak with one of our Dedicated Protection Specialists Advisors in Cambridge today.
If you are out of work due to ill health or an accident in the workplace, Income Protection Insurance is a monthly benefit paid out to you to support your financial needs. A Protection Specialist Advisor in Cambridge can be there for the applicant by helping them with the amount of cover the applicant wants to take out. They can also help determine how long you will be prepared to wait before being able to claim.
Income Protection Insurance can be expensive when comparing it to life cover. This is because there is a higher chance of you claiming on your Income Protection Insurance than claiming on your Life Insurance policy, however, the payment of monthly benefit will continue until you return to work. This only applies to the “budget” version of the policy. This is cheaper because it only pays out over 24 months.
In comparison to Critical Illness Cover, Income Protection Insurance pays out for anything that is stopping you from working whereas Critical Illness Cover pays out for whatever is preventing you from working and have specified illnesses they apply to.
This type of policy attract applicants who are employed by companies that do not provide generous sick pay schemes and is seen as very popular with the self employed.
We believe in equal opportunity when it comes to our customers taking out insurance. We wouldn’t be doing our jobs if we didn’t mention it!
All of our customers are offered a free, no-obligation protection review. We’ll then recommend which products, including critical illness and income protection that meet your needs. If needed, we’ll then design the plan to work well with your available monthly budget.