Each critical illness insurance quote will vary, but generally, such policies work by paying out a tax-free lump sum should you become seriously ill during the length of your policy.
These funds could be vital to:
- Make up for lost earnings due to the illness;
- Cover private medical care;
- Pay household bills; or to
- Be able to repay all or a chunk of your mortgage.
A critical illness policy will cover a range of serious conditions, usually around 30 to 40 on a comprehensive policy, which will be detailed in their quote.
However, it must be noted that there are always restrictions with these illnesses that you should make yourself aware of prior to purchasing a policy. For example, certain types of cancer are not covered due technological advancements, and a heart attack will only be covered if it is deemed to be of a specified severity.
Seeking out a critical illness insurance quote could be a safety net should you become seriously ill – a financial protection to support you and your family with mortgage and bill payments should the worst happen.