Critical Illness Cover and Permanent Health Insurance

Many contractors and freelancers work in very challenging and often highly stressful commercial environments and as such can at a higher risk of suffering a critical illness, such as heart attack, stroke and cancer, the if working in a less frenetic environment.

Critical Illness Cover is a type of insurance that pays out if you are diagnosed with a critical illness. You will receive a tax free lump sum that, depending on the level of cover, could be used to settle your mortgage and other debts and give you a cash cushion in the bank to help with any additional costs you might incur whilst incapacitated.

Because the effects of a serious condition; such as cancer, a heart attack or stroke, can result in a long term debilitated state, critical illness insurance is often ‘twinned’ with Permanent health insurance (PHI) which will pay a monthly income in event of illness but which would stop once you were assessed as having made a satisfactory return to health.

This dual cover give you the peace of mind that you will have a lump sum to pay off your significant debts, along with a monthly income to cover ongoing living costs. You could also be able to main a cash balance in the event that you were not able to continue in your chosen profession, post illness.

You can find out more about Critical Illness cover by contacting ContractorFinancials either visit their website www.contractorfinancials.com or contact them directly on 0845 062 8888

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