Protection
Protection is the most important part of fianancial planning.
Many of us will know someone who has died or has suffered a critical illness. The impact of this not only can lead to emotional trauma but can have devastating financial consequences on those left behind to pick up the pieces.
It is a topic that many of us will find difficult to talk about, and can be difficult to imagine how you would feel or how you would cope if this was to happen to you or a member of your immediate family.
As a minimum, you will want to ensure that you and your family can remain fed and clothed, and ideally maintain the current standard of living. In the majority of scenarios, this would be impossible without being prudent and forward-thinking by taking out the relevant insurance.
Your Regal Finance expert will be able to guide you through the most suitable policies for you and your family.
Please have a look through some of the product guides and tools we have available on this site.
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Who Needs Critical Illness Cover?
Deciding to take out a critical illness policy is completely your choice, much like your life insurance cover, it is not a legal requirement. There is nobody to chase you up if you do not have it in place.
If you are unsure if critical illness cover is worth it for you, it may be worth weighing up the monthly cost of a payout against the benefits you will receive if the need for a payout occurs.
If you have a family that are financially dependent on you and would struggle without your income or financial loan payments, such as a mortgage that needs to be paid monthly, then it may be worth investing in critical illness cover.
What is The Difference Between Critical Illness Cover and Life Insurance?
Many people assume life insurance covers you for pretty much everything, however it doesn’t and therefore, people wrongly hesitate when it comes to additional types of cover.
On the whole, life insurance will only pay out if you die, whereas critical illness cover doesn’t pay out upon your death, only when you are diagnosed with a life threatening illness.
Some life insurance policies will include critical illness cover, but not always. It’s always worth checking with your current provider for the exact details of your policy.
Similarly to life insurance, critical illness cover only pays out once and then cover is terminated. So anything else that occurs after you have made a claim and received a payout is not covered.
What is Required When You Take Out Critical Illness Cover?
- Generally, you have to be over 18 years old and hold a UK bank account if you want to take out critical illness cover.
- You will also have to take part in a medical examination or questionnaire, so the provider can assess your level of risk. Here you will have to disclose any known health problems and any habits that are likely to affect your health, such as smoking or drinking.
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