Serious illnesses can unfortunately affect us all and often occur without any warning. Whether you are a parent, single, employed or a business owner, critical illness insurance protection is vital for anyone whose income would be affected due to a major illness.
Critical illness insurance is a policy that pays out a lump sum in the event of the policyholder falling ill with a serious illness which means that they cannot work, whether that be as an employee, a business owner or self-employed. Critical illness insurance is designed to cover the costs of treatment, specialised equipment, and the loss of income that might occur if the policyholder is too ill to work.
Hard work, long hours and stress are just a few of the side effects of the freedom of being self-employed and running your own business. Unfortunately, these effects can also be catalysts for serious illnesses, thus, it could be considered even more important for the self-employed to have critical illness insurance protection.
Many self-employed business owners may work in dangerous jobs, including electricians, roofers, and other trades; and may be exposed to more dangerous materials such as asbestos. Critical illness insurance can often pay out to self-employed policyholders if an accident at work leaves them with a physical disability.
The critical illnesses that are covered with this type of insurance varies between providers, but the following are generally considered as critical illnesses:
All claims will be investigated by the insurance company and the level of severity and treatability will be looked at. If you have not disclosed pre-existing conditions or the illness is not considered to be ‘critical’ enough, your claim will likely be denied.
The cost of critical illness insurance varies for everyone, and is largely dependent on age and lifestyle factors. The insurance provider will want to know about you and your habits, such as whether you are a smoker and whether you drink etc. They will also want to find out more about your job. The cost will be very individual to you, dependent on your personal circumstances, and that is why it is important to shop around to find the best deals.
Finding a critical illness insurance plan that works for you can be very time consuming but an insurance adviser that specialises in this type of insurance can cut that time down. Active Mortgages has a team of critical illness insurance specialists who work daily with a variety of clients who want to protect their income if they were to fall ill. By using one of Active Mortgages’ experienced critical illness insurance advisers, you can feel confident that you are getting the right advice.
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