What is Critical Illness Cover and Why You Might Need It

What is Critical Illness Cover?

Critical Illness Cover is additional protection that can be added to life insurance policies. It offers a payout should you be diagnosed with a number of specified conditions. It is designed to ensure that the policyholder can continue to cover their expenses should they be unable to work due to illness.

Why Would You Need A Critical Illness Policy?

You’re self employed, a contractor or receive few employee benefits

Whilst some employers may cover your salary for an amount of time should you become critically ill, for many, being unable to work can have disastrous consequences.  A critical illness payout can help supplement any income lost and keep you afloat.

Your family depends on your income or work

Whilst the issues caused by the loss of income from the main breadwinner are obvious, it  is also important to consider the impact of losing a homemaker. Should a stay-at-home parent or partner fall ill, a payout could be used to cover child care or cleaning costs.

The state provision is not enough to cover your expenses

You can get £92.05 per week in Statutory Sick Pay if you’re too sick to work. It is paid by your employer for up to 28 weeks but there are some criteria for you to qualify. If this won’t be enough to cover your expenses should you not be able to work, it may be a good idea to invest in a critical illness policy to help ease the financial strain.

You don’t have a lot of savings

On average, UK employees could last just 32 days on their savings should they lose their income tomorrow. If this sounds like you and you have minimal savings to fall back on, Critical Illness Cover could be a life saver in a tough time.

If you are interested in a critical illness policy or wish to add it to your current Legal & General life insurance policy, give TopQuote a call on 0161 233 3110 to discuss your options.

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