Serious Illness Cover
Research by Legal and General shows that the average UK household has enough in savings to survive financially for just 18 days before being totally reliant on state benefits, friends or family if the main breadwinner’s income is lost. It adds that almost two in five households have no savings at all, making them dependent on some form of assistance.
The most recent data available from Cancer Research UK reveals that almost 900 people were diagnosed with cancer every day in 2010.
The British Heart Foundation says that there are about 152,000 stroke victims in the UK every year and around 103,000 people suffer a heart attack. (both the above taken from an article in the Telegraph April 2014)
Family Income Benefit pays your dependents a regular income if you were to die within the term of the plan. It’s usually taken out to cover living expenses or replace the breadwinner’s income until your dependents become financially independent. If a successful claim is made, the income will continue until the end of the term.
Income Protection Insurance protects you if you lose your job, become ill or get injured
Critical Illness Cover pays a one off lump sum on the diagnosis of a specified illness, regardless of whether you’re able to work or not. Typically, they also pay the lump sum if you become permanently totally disabled. This can be added to most Life Insurance policies when you apply.
Serious Illness Cover protects clients from the financial impact that a serious illness can have on their life. If they are diagnosed with one of the conditions covered, it pays out a cash lump sum. It bases the size of the pay-out on how severe their condition is. Serious Illness Cover covers the client for more conditions than any other insurer, including all heart attacks, all strokes and more cancers. It also covers the client for some less severe and early stage conditions of illnesses that other insurers don’t cover, so pay-out is earlier and when they need it. It also lets the client claim more than once if they have a minimum protected account.