Critical Illness Cover

For over 18 years now we have been arranging critical illness cover for our clients. Most of these plans are taken out to cover a mortgage as for most people a mortgage is their biggest financial worry.

Critical illness cover is normally taken out with life cover and the policy pays out the sum assured on death or earlier diagnosis of a specified critical illness. We have arranged hundreds of these policies over the years and although clients hoped they would never have to claim, to date we have had around 50 who have made a successful claim on their policy. These clients have been so grateful that we advised them to take out this cover.

One example is a father of two who took out a policy with us in his late 30s to cover his mortgage which we had also arranged for him.

In July 2017 our client, a keen cyclist now aged 53, took part in a 50 mile organised cycle race and fell ill about 30 miles in. After being checked over by race officials he went home, but getting progressively worse, he called an ambulance and was rushed to hospital.

Diagnosed with a heart attack, he underwent an emergency operation to have a stent fitted and spent two days in hospital before returning home to recuperate.

It took less than nine weeks for his critical illness policy with Scottish Provident to pay out the full amount.

He commented, “I was fit and healthy, I don’t drink or smoke and cycled regularly so to have a heart attack was completely unexpected. I claimed on the policy and, after checking with my consultant, the pay-out was received quickly. I’ve been lucky enough to get back to full health and life’s back to normal, but it was reassuring to know that we would be able to cope financially thanks to the critical illness cover.”

As the chance of having a critical illness is far greater than death during the term of the policy, a plan that includes critical illness usually costs significantly more than a plan that just has life cover. However, as our client’s experience shows, the reassurance that such a plan provides is well worth the additional cost.

If you would like to know more about the critical illness cover available and the costs, why not contact us? Remember we are independent and the initial consultation is free and without obligation.

Steve Graves
Robert Nicholas Financial Advisers