Critical Illness Cover
Critical illness cover is normally an add on to life insurance policies. It is used very similarly to life insurance. This is as if you get diagnosed with a specific illness or condition the insurance company then pay out the full lump sum agreed tax free.
The illnesses which will be paid out on will always be made aware to you before the policy is taken out. This ensures you know exactly what is and what isn’t covered.
This sum can be used in any way you need for example paying off existing debts or a mortgage.
If you do not alter the policy your premiums will not change. This means it is always the same amount being paid over the whole term of the cover. You can also pick the length of the term you need. For example, until you have paid your mortgage off.
The policy will end as soon as you decide or if the insurer pays out on the policy.
If you have children and would like them to also be covered as well, a large amount of insurers will offer this at no extra charge but the payout is normally limited to less than £25,000.
Accident, Sickness & Unemployment Cover
Accident, Sickness & Unemployment Cover (ASU) is designed to cover you for many different reasons should anything go wrong and prevent you from working.
This insurance policy normally covers:
- If you have an illness that means you are then too sick to work.
- In case an injury occurs and you are then unable to work.
- If you lose your job and it is no fault of your own.
The payout is usually a proportion of your income for up to a year or until you return to work, in order to cover monthly expenditure.
However, with ASU it will only cover one debt. It is usually a mortgage so you will have no extra money for other items. As well as this payment is normally deferred. A normal time for a payout is usually 30 days after you make the claim due to the deferred payments. The claim will then be dated back and paid out in full.
Anyone is eligible for cover as long as you are over 18 and under 60. Also, your normal residency needs to be within the UK. You must also be in employment and work a minimum of 16 hours a week and have been in this employment for at least 6 months.
Private Medical Insurance
Private medical insurance will cover you not only for varying health problems but also, dental, elderly care and travel. It ensures you get quick and private treatment if anything were to go wrong. As long as you have not already been diagnosed with a specific illness before taking out the policy you will then be covered for most eventualities. You can get insurance for a few different options. This will depend on whether you need it just for yourself, your children or a complete family plan.
With private medical insurance, you will choose your hospital list depending on what premiums you are willing or able to pay. This list will then be which private hospitals you will be able to use.
A lot of private medical insurance policies normally include added benefits. This includes discounted gym memberships, GP help lines and counselling help lines. These added benefits are designed to make your life easier and keep you healthier.
If you are interested in taking out insurance policy, give us a call today.