Specified Serious Illness Cover is best considered as a life policy whilst you remain alive!….it is a living benefit.
Thankfully, with medical advancements we are all living longer, however we are getting sicker along the way, previously these may have went untreated until too late.
Illness Cover is designed to give you a tax free lump sum at a set amount, agreed with your financial planner, that will;
-Alleviate the financial pressures of being out of work for any initial period
-Support payment of treatments you may require
-Support day to day costs, e.g parking in hospitals, changes in domestic living spaces etc.
-Offer benefits to your own children should they become severely ill also
-Give you a cushion/nestegg for down the line
Protection planning should always be a combination of protecting you and your loved ones if you should pass away as well as if you’re but too injured or ill to work for a period.
Illness cover will be a set amount of money, and will not last indefinitely, for this we suggest Income Protection, whereby you can insure your actual income until retirement!
It is thankfully an affordable type of plan also, and should ideally cover 1-2 years salary, get in touch should you wish to discuss.
