Critical Illness

Critical Illness – protect yourself and have peace of mind.

Statistically, contractors are at a very high risk from so called ‘Critical illnesses’ such as heart attack, stroke and cancer, because of their challenging working environments.

ParasolFinancials Critical Illness cover can help you protect yourself from the potentially disastrous financial consequences of illness, can offer you far more than just repaying outstanding mortgages or debts and can ensure that you receive a lump sum on diagnosis of an illness.

• Provides early “Pay out” on diagnosis of (i.e. not death from) a range of serious conditions.
• Helps you fund convalescence, changes to home or car to accommodate a reduced state of mobility and to help pay towards generally maintaining your independence.
• Clears your mortgage - leaving you with money in the bank.

• Critical illness cover goes hand in hand with Income Protection ( also known as Permanent Health Insurance -PHI) which pays a monthly income in the event of illness but which stops once you have made a satisfactory return to health.
• Critical Illness Cover provides a non refundable lump sum pay-out on diagnosis of one of a list of illnesses or injuries, regardless of a return to good health.
• Provides you the option of cover for a fixed term (ie until retirement/ or children leave home) or for your entire life (Whole of life- WOL).
• Allows you the option of a decreasing amount of cover (Decreasing Term Assurance, DTA) that will reduce in line with a reduced liability- i.e. a repayment mortgage or a level amount (level term assurance, LTA).
• As Independent Financial Advisers ParasolFinancials are directly regulated and authorised by the FSA (please read or Initial Disclosure Document, which outlines our regulatory status).

ParasolFinancials, work only with insurers who have a good-track record of meeting claims and whose premiums will remain affordable throughout the duration of the policy.

Unfortunately due to an expected surge in claims because of early screening for prostate/breast cancer etc the re-insurers that underwrite these policies are putting pressure on providers and the provision of this type of cover is under constant review.

The current, comprehensive lists of illnesses covered will be watered down to make new policies less likely to result in a claim. These changes and increased costs can only be applied to new policies and ParasolFinancials strongly urge you to review your current circumstances now to ensure that you would be adequately protected in the event of such illnesses. Unfortunately, this is not an issue, which will wait as critical illness policies are under review by the insurers now.

Fill in the Critical Illness Cover Finder and we'll get back to you with a competitive recommendation.