Critical illness insurance is a type of insurance policy that provides a lump sum payment to the policyholder in the event they are diagnosed with a specified critical illness or medical condition.
This insurance is designed to offer financial support when individuals are dealing with severe health issues, helping them cover medical expenses, replace lost income, or make necessary lifestyle adjustments.
An individual purchases a critical illness insurance policy, paying regular premiums to the insurance company.
The policy outlines a list of specific critical illnesses or medical conditions that are covered. Common conditions may include cancer, heart attacks, stroke, organ transplant, and other severe illnesses.
If the policyholder is diagnosed with one of the covered critical illnesses during the policy's term, they become eligible to make a claim.
Upon diagnosis, the insurance company provides a tax-free lump sum payment to the policyholder. The policyholder can use this payment as they see fit, whether for medical treatment, paying off debts, or maintaining their lifestyle.
Critical illness insurance provides financial protection during a difficult time, allowing individuals to focus on their recovery and well-being.
It can help cover expenses not met by the National Health Service (NHS) and can provide peace of mind to policyholders and their families.
The terms and conditions of critical illness policies can vary, so it’s crucial to carefully review the policy and understand which illnesses are covered and the extent of the coverage.
Get the Gossip
Enter your email and be apart of our mailing list. We often send helpful tips and advice on the everchanging landscaping of mortgages, insurance and utilities.
Your home may be repossessed if you do not keep up repayments on your mortgage.
“To provide exceptional mortgage and protection services to clients across the UK, helping them achieve their dreams of homeownership while ensuring their financial well-being. We are committed to delivering outstanding customer service, personalized guidance, and innovative solutions. Through our expertise, professionalism, and dedication, we aim to be the go-to choice for individuals and professionals seeking reliable, trustworthy, and stress-free mortgage experiences. At GoMortgage, our mission is to empower clients, simplify the mortgage process, and build lasting relationships based on transparency, integrity, and exceptional results.”
When your referred friend’s mortgage is successfully completed, you’ll be rewarded with either a £50 Love2Shop or Amazon voucher as a token of our appreciation.
