Critical Illness Cover
In business much in life the unexpected can and often does happen, Critical Illness Cover seeks to pay you out a Tax Free lump sum payment when you are diagnosed with a specific medical condition or illness.
If your family rely on you financially it’s worth considering critical illness insurance to help protect against the impact a critical illness could have on you and your family. The pay out could help to cover things such as child care costs and household bills.
Or you may want to use the pay out to help make adjustments to your home or lifestyle if needed, or to pay for specialist medical treatment – or even to take that trip of a lifetime to help you recover.
Real Life Example
If you were to take out a 10 year policy with a Sums Insured value of £50,000 then upon diagnosis of a condition you would be entitled to the £50,000 tax-free lump payment as per the terms of your policy conditions.
How could this be applied?
Expensive medical care, treatment programs, mortgage payments even just clearing your feet of debts before you have to deal with the treatments or continued medical care, this can be more than just a form of coverage it might single-handedly be your saving grace in a time of crisis.
Frequently Asked Questions
Am I eligible to take out Critical Illness Cover?
You must be a UK resident at the time of applying to be eligible.
It cannot be stressed enough how much you need to pay close and very particular attention to the conditions attached to this policy as the coverage varies from insurer to insurer so having an insurance broker on your side in order to arm you with the right conditions and terms for ensuring of this coverage can be essential.
What if I need to make a change to my policy?
Our policies include different options that allow your cover to adapt with you. You can:
Change the term of your policy
Increase or decrease the amount of cover under your policy
Remove a life from a joint policy where cover is no longer required for that person
Change from monthly to annual premiums.
There is also a ‘joint life policy separation’ option. This means a joint policy can be split into two new single policies if a couple divorce, dissolve their registered civil partnership or change a joint mortgage into a new name.
If I apply will I be covered straight away?
Sometimes, when you apply for life insurance we may not be able to give you an immediate decision and may need to ask for more information.
How are Payouts Made?
Lump Sum payments are preferred as this meets the conditions and terms of the insurers interests and the interests of the policy holder, this does not exclude the ability for further claims to be made in regards to this policy however this is down to the terms and conditions attached to your individual coverages.
How much does the coverage cost?
The costs of Critical Illness Cover can vary much like the individuals that apply for them, it is very important to bear in mind that at its core the cost is often derived by the simple fact of how likely are you to claim on the insurance coverage.
Age, Medical history and even Employment can be factors as given these variables it does infer that a 60-year-old individual in poor health’s premium might well be higher than a 21 years old with no previous medial issues.
Request a Call From an Experienced Broker
A Real World Example?
Let’s say you have a building you are erecting on your land and a flood rains down washing away all your goods and damaging what is left, the coverage will pay out the repairs to get the site back to a working level.
Working With Us
Which Services will we Provide you with
The Business Insurance Bureau conducts both client and market research to identify solutions to the needs of an almost exclusively business clientele. We will make a recommendation once we have assessed your demands and needs.
All premiums due to insurers must normally be paid by you on or before the date that cover commences. Where alternative methods of payment are available these will be discussed with you so that arrangements can be put in place by the due date.
Confidentiality & Security
We are registered with the Data Protection Registrar. We will ensure that any information obtained from you is treated by us and anyone else involved in arranging, considering to arrange or managing your insurance, as Strictly Private and Confidential. We will not provide your information to anyone else unless we:
have your permission to do so, or -are required to by the FCA, or -are required to do so by law, or -are required to do so in the normal course of arranging or negotiating and maintaining, or renewing financial services products which we may from time to time approve.We take appropriate steps to ensure the security of any money, documents, other property or information handled or held on your behalf.
All information in any form, with the exception of policy documents and certificates issued on behalf of insurers and supplied by us, to you, should be treated as Strictly Private and Confidential and not be released directly or indirectly to any other party, without our explicit consent.
Note: in transacting your insurances with The Business Insurance Bureau, you are deemed to have accepted our Terms of Business. Your accepting of these Terms of Business does not affect your statutory rights.
You must notify us as soon as possible of a claim and circumstances which may give rise to a claim. In the event of a claim you should contact this office and we will promptly advise you and if appropriate, issue you with a claim form and pass all details to your insurer. You should not admit liability or agree to any course of action, other than emergency measures carried out to minimise the loss, until you have an agreement from your insurer. We will remit claims payments to you as soon as possible after they have been received on your behalf. In the event that an insurer becomes insolvent or delays making settlement we do not accept liability for any unpaid amounts.
You would have the right to cancel a policy within 14 days of its inception or upon receipt of the policy documentation whichever is the later. You would as a Consumer and without providing a reason, cancel the policy by confirming this is in writing to the address of our office through which your policy was placed. Any policy documentation and in particular any legal document, i.e. Certificate of Motor Insurance, Employers Liability Certificate, MUST be returned with your instruction to cancel. By exercising your right to cancel the policy, you are withdrawing from the contract of insurance.
Duration & Termination
Our services may be terminated without cause or penalty by giving one months’ notice in writing. In the event that our services are terminated by you other than at the expiry of the policy we will be entitled to retain any fees and all of the brokerage payable. The responsibility for handling claims reported after the date of termination shall in the absence of an express agreement be the responsibility of the party taking over the role.