Critical Illness Cover – what is it, and how could it safeguard your earnings and family?
by Beacon Wealth Management
Setting up a Critical Illness policy protects you, your family and your income should an unexpected life event occurs.
When planning for your future, we understand this requires more than just planning for what you want to happen. Unfortunately, it also involves planning for what could happen to you and your family.
Taking out Critical Illness Cover can be an important way to protect yourself, your family and your income against the financial implications of a Critical Illness diagnosis.
How does it work?
A Critical Illness policy provides a lump sum of money in the event you receive a diagnosis. Depending on the policy, the money could be used at your discretion to cover mortgage payments, monthly bills, medical expenses or - if you own a business - mitigate the risk to your business.
Do I need it?
It is important to check if Critical Illness Cover is right for you. Given the range of options available, not all of them would be suitable, and certain exclusions can apply.
Our team of researchers work in conjunction with our Financial Planners who will review the options available and recommend the best solution for you and your family.
How to get Critical Illness cover
When determining the cost of Critical Illness cover, you should consider your age, any pre-existing medical conditions, and the desired coverage length of Critical Illness that is right for you.
Some policies can start from as little as £5 per month. Comparison sites can provide an initial range of options, but not every plan is created equal. A Financial Planner can provide you with tailored guidance to distinguish the most fitting Critical Illness cover for you and your situation.
What next?
If you need help formulating a plan to protect yourself and your family, our Chartered and Certified Financial Planners can assist you in setting up Critical Illness protection policies to meet your needs.
Please call our experts on 01480 869466 or email us at info@beaconwealth.co.uk for a free initial, no obligation chat.
Future fees may apply. Registered and regulated by the FCA No. 526604.