Critical Illness

The effects of suffering a critical illness, such as a heart attack, and surviving this kind of traumatic event, can have a serious impact on your lifestyle. You may have life assurance, which pays out a lump sum or an income to your dependants on death. However, if you suffer a heart attack, cancer, or other serious illness and survive, you may not have the financial cushion you need for everyday life.

According to the British Heart Foundation, 146,000 people suffer a heart attack each year, and heart and circulatory disease is the UK’s biggest killer, accounting for 90,000 deaths in 2008. This means that, each year, around 56,000 people will survive a heart attack.

Sufferers may not be able to return to work straight away or indeed ever, or may need home modifications or private therapeutic care. People that become seriously ill with cancer may wish to spend the time they have left with their families. It is sad to contemplate a situation where someone survives a serious illness but fails to survive the ensuing financial hardship.

Critical illness cover, either on its own or as part of a life assurance policy, pays out a lump sum when the policyholder is diagnosed with one of a number of predefined critical conditions including, for example, stroke, heart attack and advanced cancer. This money can be used to pay off your mortgage or other loans, so that there is less financial burden on your family while you recuperate or if you are unable to return to work.