Numerous studies have been completed showing the significantly higher risks to physical and mental health that shift workers expose themselves to and this only serves to justify the need to protect your family against the financial risks if you can’t work due to being diagnosed with a critical illness.
Critical illness cover or CIC mainly aims to protect the person insured against the risk of a critical illness. Most insurance providers cover the “Big Three” – Cancer, Heart Attacks and Strokes, however, the list of conditions covered is ever expanding and the providers are offering smarter more tailored cover. Critical illness cover normally pays out a tax free lump sum when you are diagnosed with a condition covered by the provider (this can be based on severity of illness) and this lump sum can be used in any way the insured person chooses, whether that be paying off the mortgage, taking some time off work to recover or using it to help fund recovery. Critical illness cover varies significantly depending on a number of factors including age, weight, smoking status, hobbies and employment. We use our experience at The Key Worker Group to ensure we find the best product for you based on these factors and use our knowledge to ensure your employment status is specifically catered for.
Critical Illness cover can also be extended to your children and some providers now offer lifestyle plans (ie Vitality Life) where you can obtain lower premiums and access to rewards based on your health and well being by using smart watches and phones to track your activity.
If you are interested in any of the products discussed or would simply like to discuss whether you need a protection review please give us a call or contact us here and we can arrange a review today.