We’re sure you won’t need our team here at QuoteLifeCover to tell you just how extraordinary the present times are - the chances are, you will have already taken a number of steps to help protect yourself against the worst impacts of a probable recession.
One such step you might take going forward, is investing in some form of protection insurance, such as critical illness cover. But what are just some of the aspects of critical illness insurance that could help make it a particularly attractive option for you at the moment?
You can spend the payout however you wish
You might already know the basic principle behind critical illness cover - the notion of giving you a tax-free lump-sum payment in the event that you are diagnosed with a certain serious illness such as cancer, or suffer an injury resulting in permanent disability.
But you might have presumed that any payout from such a policy might be tied to your illness in some way - for example, going towards medical treatment or rehabilitation costs.
The truth is, while critical illness cover is mainly designed to help policyholders with the above, the payout from this type of policy doesn’t strictly have to be used for such purposes. Once the money has been handed to you, you could use it to pay essential household bills, for an around-the-world trip, or basically anything else.
It can be tailored to your practical and financial needs
As we often say here at QuoteLifeCover, no given person has exactly the same needs or circumstances as the next person. It’s a factor that has to be carefully considered when it comes to protection insurance, and one of the great advantages of critical illness cover is its adaptability to many different, potentially widely varying circumstances.
For example, you might be interested in taking out a critical illness cover policy specifically because you have a mortgage you wish to pay off. In that case, you could choose to have the policy in place only until your mortgage is set to be fully repaid, which could help you lower the costs of such insurance as well.
It can be combined with other forms of protection insurance
If certain critical conditions such as cancer, heart disease or stroke aren’t the only risks you want to protect yourself against, you don’t necessarily need to have critical illness cover on its own.
For instance, as you will find when you peruse our site here at QuoteLifeCover, it is also possible to purchase critical illness insurance that includes life insurance. This type of policy can pay out a one-off lump sum in the event of a policyholder suffering a serious illness or permanent disability caused by injury, or if they die during the policy term, the latter helping to keep the wider family financially secure after the policyholder has passed away.
Would you like to learn more about the potential relevance and usefulness of the right critical illness cover for you, and to request a free no-obligation quote? If so, please don’t hesitate to call us on 01604 436919, to speak to one of our UK advisers.