Critical Illness Cover for Vets
Being diagnosed with a serious medical condition that involves a lengthy treatment schedule and which could prevent you from working, can be devastating. The pressure of ongoing financial commitments can cause additional stress. Critical Illness is designed to pay out a lump sum upon diagnosis of any one of a series of predetermined conditions (outlined in your policy). The lump sum can be used as you wish, however people tend to use it to settle commitments such as paying off your mortgage or as a trust fund for dependants. Critical Illness is usually paid out only once, so is not a substitute for income.
As part of Critical Illness there is also an extension to the product known as Total and Permanent Disability, which provides cover in the event of you losing a limb, digit or eye for example. Insurers will consider claims in this instance dependent upon the type of occupation cover you have selected.
As a vet specialist, we consider policies which offer cover on an ‘Own’ occupation basis, as it means you would be paid benefits if you were unable to continue to work in your current role regardless of whether you could work in another capacity. Policies written on an “Any” or “Suited” occupation basis will not payout in this instance, as it may be deemed you can work in another capacity i.e. stacking shelves.
If you would like to discuss your requirements with one of our Independent Financial Advisers, please complete the enquiry form and we will contact you to assess your circumstances, review the market place and then present options for you to consider. Alternatively you can contact us on 01823 250750.
Please note that when discussing or reviewing your financial situation we will need to conduct a brief fact find in order to fully understand your goals and objectives. This will provide us with the necessary information upon which to base any recommendations and ensure they meet your objectives and wider financial planning needs.
For further information the Association of British Insurers has produced a Guide to Critical Illness Cover which can be accessed here.