Our health is fragile and as we get older and our bodies change, we become more susceptible to illness.
Although we can probably legislate for temporary periods where we’re unable to be at work, there comes a time for many of us when the illness we’re dealing with is a lot more serious and, in some cases sadly, terminal.
Although we may be fit and healthy now, our health can change quickly and the financial impact of contracting a terminal illness such as cancer can be devastating not just emotionally, but also financially.
However, it is possible to secure your finances against a future illness and ensure that if the worst does happen, you and your family are able to meet ongoing financial commitments such as mortgage payments and also pay for the costs that are associated with attending medical appointments without having to worry about your ability to work.
Two of the most popular insurance products that protect your personal finances are Critical Illness Cover (also known as Cancer Cover) and Income Protection Insurance (also known as Income Replacement Insurance).
Together they can ensure you receive an income whatever the reason behind your inability to work, but critical illness insurance is specifically designed to help you financially if you are diagnosed with a terminal illness where life expectancy is less than 12 months.
In these circumstances, cancer cover policies will typically pay out a fixed tax-free lump sum which can be used either to pay off existing financial commitments like the mortgage or long-term credit agreements or invested however the policy owner sees fit in order to guarantee a regular incomes.
Cancer is the most common diagnosis for the majority of UK policy claims and since it’s a disease that the cancer charity Cancer Research suggests will affect half of us in our lifetime, it makes sense to seriously consider taking out some form of policy to ensure that if you do contract a terminal illness there is some financial assistance to help you and the people who are closest to you.
At Oportfolio, we can talk to you about the advantages and disadvantages of critical illness cover and use our expertise to help you to identify the best level of cover based on your personal circumstances.
Contact us to find out more about critical illness insurance and how we can help to give you peace of mind over your future financial security.
Secure your finances against a future illness and ensure that if the worst does happen you and your family are able to meet ongoing financial commitments.
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