CRITICAL ILLNESS COVER
A Lump Sum Payment If You Are Taken Critically Ill
Providing Your With Peace Of Mind
Roots Contractor Mortgages offers a variety of Protection policies to help keep our clients protected.
Our protection policies are tailored to fit the employment patterns of contractors. Our aim is to find you a policy that fits your situation perfectly, offering you suitable protection in the case of specific events.
Critical Illness Cover
If you become critically ill and are unable to work, employment naturally becomes a lower priority in the grand scheme of things. But bills payments and mortgage repayments still have to be met.
Most companies will have something in place to cover a worker if critical illness befalls them. But as a contractor or freelancer, being unable to work immediately cuts off your income supply.
This is where critical illness protection can make such a difference. A good critical illness policy helps you remain financially safe during a difficult time.
Roots Contractor Mortgages is able to advise on critical illness protection, with circumstances such as cancer, stroke or heart problems typically covered in most policies of this nature.
How much cover do I need?
You need to consider the level of financial support you and your dependants would require if you weren’t able to earn an income due to your illness or you need funds to utilise an opportunity such as private health care. Things to think about include: How much you earn every month, how much you spend on bills and necessities each month, how much remains on your mortgage and other debts and how much you can afford to pay for the cover.
What types of cover are available?
You can choose cover for a range of conditions and severity. Below is a brief overview of the cover options.
Core cover – covers conditions such as heart attacks, strokes and some types of cancer.
Additional/Enhanced cover – covers conditions such as Multiple sclerosis, Alzheimer’s, loss of limbs, organ failures, permanent disabilities, traumatic head injuries and Parkinson’s.
Children’s cover – covers conditions as above, depending on the insurer and the level of cover you wish to have. There are often child specific conditions covered too, such as pregnancy complications.
The difference in cost between these covers is usually marginal which supports having a comprehensive level of insurance.
Can I protect my family with critical illness too?
You can choose to protect yourself, yourself and a partner and children. Usually, claims that arise from a child are in addition to the policy holder’s cover. This means that the policy would remain active after claim for a child to continue to protect the policy holder.
Are there any restrictions on what I can spend the payout on?
Quite simply – no. It is designed to pay for the reasons suggested earlier on this page but you can spend it however you like.
What do I need to get a quote?
Information about your health – to include your immediate family’s health and medical history including any pre-existing medical conditions.
Information about your lifestyle – to include drinking habits and whether you smoke/have smoked previously.
Your age and occupation – these determine risk and price.