CRITICAL ILLNESS INSURANCE

For the hard times

CRITICAL ILLNESS INSURANCE FOR SELF EMPLOYED PEOPLE

For the hard times

What is Critical Illness Insurance?

Critical illness insurance is a type of policy that pays out in the event of the self employed policyholder suffering a serious illness. If that happens, the insurer pays out a lump sum of money, and then the policy is finished. It’s designed to cover the costs of treatment, specialised equipment, and the loss of an income that can follow a serious illness.

It’s important to note that not all conditions are included, and that the amount of cash that a person will receive isn’t pre-determined; the amount is calculated on a case by case basis.

Who Needs Critical Illness Insurance?

Not everybody needs to have critical illness insurance. If you have enough savings to compensate for a loss of income, or you have a partner who could provide for you financially in the event of your being unable to work, then it may not be necessary. However, if you are self-employed and would struggle to make ends meet if you were injured and unable to work, then it may be a good option.

Additionally, it’s important to remember that life Insurance and critical illness insurance offer more than just a replacement of income; they also bring peace of mind that you and your family would be financially secure, even if the worst should happen. Each year, a large amount of people within the UK have to give up work due to an injury or illness.

What Illnesses Are Covered in Critical Illness Insurance?

In general, most illnesses that would prevent you from working are covered but it would be down to the insurance policy wording. For example, if you were to have a stroke, then you’d receive a payment. There are certain illnesses that aren’t covered, even if they sound scary. Some cancers, for example, won’t be eligible for payment if it’s detected in the early stages and there’s a high chance of a full recovery.

When a claim is made, they’re investigated by the insurer, and then a decision is made. In some cases, requests for payment are denied because they weren’t aware of a pre-existing condition or the condition isn’t serious enough.

 What Can You Do With The Money?

Whatever you like. It’s a no strings attached payment. Many people elect to invest the money, so as to generate an income, while others use it to make living with their condition more agreeable. It’s entirely up to you, though: once the payment is made, the arrangement with the insurer comes to an end.

What Affects Critical Illness Insurance Cost?

The cost of the policy depends on various factors. The insurer will assess your age, lifestyle (smokers and heavy drinkers pay more), and your job: some positions are more dangerous than others, and are thus the worker is at greater risk. The rest will depend on the type of policy you want. For example, the amount of cover you want, the number of conditions included, and so on.

Like all insurance, you hope you never need it. But if the worst were to happen, then critical illness insurance can provide a financial cushion and peace of mind. We do advise on Critical Illness Insurance here at Active Mortgage, if you are thinking about this service, please so speak with one of our mortgage advisers so that they can explain in detail. You can do that by calling 01245 850 165 or by contacting us here.

These articles are for information only and no advice should be conferred from the content within. Please seek independent financial advice prior to taking any action.

Want To Know More?

Active Mortgage

Make It Happen

Active Mortgage

Make It Happen

Registered in England & Wales under Company no: 06539910

Registered Address: 4, The Capricorn Centre, Cranes Farm Rd, Basildon SS14 3JJ

FOLLOW US

IMPORTANT INFO

Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage repayments.

We will charge a fee for mortgage advice between £250.00 and £2000.00. The amount we charge is dependent on the amount of research and administration that is required. Please refer to the Customer Terms of Business for further information.

Active Mortgage is owned and operated by Active Brokers Limited and may contain advertisements, sponsored content, paid insertions, affiliate links or other forms of monetization. Active Mortgage abides by word of mouth marketing standards. We believe in honesty of relationship, opinion, and identity. The compensation received may influence the advertising content, topics or posts made in this blog. That content, advertising space or post will be clearly identified as paid or sponsored content.

Active Mortgage is never directly compensated to provide opinion on products, services, websites, and various other topics. The views and opinions expressed on this website are purely those of the authors. If we claim or appear to be experts on a certain topic or product or service area, we will only endorse products or services that we believe, based on our expertise, are worthy of such endorsement. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer or provider.

This site does not contain any content which might present a conflict of interest. Active Mortgage makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contain on this website or any sites linked to or from this site.

YOUR HOME OR PROPERTY IS AT RISK IF YOU ARE UNABLE TO MAINTAIN PAYMENTS ON ANY MORTGAGE OR LOAN SECURED AGAINST IT.

Request a strategy call

Discover how we can help you to secure the finance you need to create your dreams. Let's make it happen.

You have Successfully Subscribed!

Request a strategy call

Discover how we can help you to secure the finance you need to create your dreams. Let's make it happen.

You have Successfully Subscribed!

Request a strategy call

Discover how we can help you to secure the finance you need to create your dreams. Let's make it happen.

You have Successfully Subscribed!

Get Finance Fit

Start preparing for your succesful finance application

You have Successfully Subscribed!

Send The Resources!

You have Successfully Subscribed!

Send My eBook!

You have Successfully Subscribed!

Download our brochure

Discover how we can help you to secure the finance you need to create your dreams. Let's make it happen.

You have Successfully Subscribed!

 

Send my eBook

When you submit your details you will receive the 7 Mistakes eBook immediately via email!

GDPR Consent
Marketing by

You have Successfully Subscribed!

Speak to an Expert

When you submit your details you will be contacted by the active bookings team to arrange a convenient call with an Active expert.

GDPR Consent
Marketing by

You have Successfully Subscribed!

Download our brochure

Once you have submitted your details you will be sent an email with the brochure attached.

GDPR Consent
Marketing by

You have Successfully Subscribed!

Buy The Self Employed Mortgage Guide
GDPR Consent
Marketing by

You have Successfully Subscribed!

Send the book resources

When you submit your details you will be sent an email with The Self Employed Mortgage Guide Resources.

GDPR Consent
Marketing by

You have Successfully Subscribed!

Download our brochure

Once you have submitted your details you will be sent an email with the brochure attached.

GDPR Consent
Marketing by

You have Successfully Subscribed!