Critical Illness Insurance
Critical illness protection when you need it most.
Protecting your family in the event of a serious illness with critical illness cover is not only good financial planning, but it also ensures that your home and financial commitments don’t add to the burden of stress you and your family face.
At RB Financial, our team works tirelessly to find you the right critical illness insurance, providing you with the financial security should you become seriously ill.
What is Critical Illness Insurance?
Critical illness insurance is a type of insurance that pays out a tax-free lump sum if you are diagnosed with a serious, specific illness, such as cancer, heart attack, stroke, etc. It is designed to help you pay for your financial commitments, including your mortgage, so that you aren’t in a position where you and your family are struggling financially.
This type of insurance can be taken out at any time, before you’ve been diagnosed, and can be obtained with other insurance products, such as income protection or life insurance.
If you’re unsure whether you should take out critical illness cover, speak to our team, who will be able to help.
Critical illness cover benefits
The main benefit of critical illness cover is that it is a tax-free lump sum paid out to you should you become seriously ill. Because of this lump sum payment, there are some other benefits that critical illness insurance can be used for, which we have outlined below:
Covering Mortgage repayments:
If your monthly income has been stopped or reduced because you’ve been diagnosed with a serious illness, critical illness insurance could be used to help you cover your monthly mortgage repayments.
Replacing lost income:
If your illness prevents you from working, critical illness insurance could be used to help replace lost earnings and cover day-to-day expenses, such as household bills, food, or childcare costs.
Covering healthcare costs:
If you need to have regular appointments that aren’t covered by the NHS, you will have the money to cover private healthcare.
Adapting your home:
Should your illness render you semi- or fully-disabled, critical illness insurance could be used to make alterations to your home, thus ensuring your independence and mobility freedom is maintained.
Regardless of what you may need critical illness insurance for, our team will help you find the right policy with compassion and utmost professionalism.
Why Choose RB Financial
Thinking about critical illness cover, especially alongside arranging your mortgage in Colchester, can feel overwhelming. It’s completely understandable to feel unsure about the level of protection you might need if you were to become seriously ill.
When you speak to our Colchester-based team, we take the time to understand your circumstances and the level of financial protection you feel comfortable with. With over 16 years of experience, we’ve supported homeowners across Essex in finding critical illness cover from a range of providers, helping them feel more secure should their income change due to illness.
Speak to our team today for professional guidance on choosing critical illness cover that aligns with your needs.
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Ferquently Asked Questions
At what age should I get critical illness cover?
With most insurance policies, you typically need to be 18 to be eligible; after this age, there is no limit. In general, we recommend getting coverage early, and alongside a mortgage, to ensure you are financially covered from the outset.
Can I get critical illness cover with a pre-existing condition?
You can get critical illness cover with a pre-existing condition; however, it does depend on the insurer and the severity of your condition. Typically, if you have a pre-existing condition, your premiums can potentially be higher. The crucial point, though, is that you are honest about your condition.
If you have a pre-existing condition and want critical illness cover, contact our team, who will discuss your needs and offer impartial guidance.
Which is better, life insurance or critical illness insurance?
Neither is better, and in fact, they work well as complementary coverage. Life insurance is paid out in the event of your passing away, and is designed to help your family cover the loss of income. Whereas critical illness cover is designed to help you cover your financial commitments when you're seriously ill, when combined, they offer a greater level of financial cover, leaving you with peace of mind for the future.