Critical illness cover can provide a tax free lump sum upon the diagnosis of a specified critical illness. The benefits from this type of policy can be used to repay outstanding debts or can be invested to provide an on-going income to replace lost earnings. If required, the lump sum could be used for alterations to your home. e.g. widen doorways, create a downstairs bedroom or bathroom.
If you were to suffer a heart attack, a stroke or be diagnosed with certain types of cancer and were unable to work, how would you and your family manage financially? This type of protection is designed to ensure the last thing you will be worrying about at a very difficult time is money.
Your Caboodle adviser will be able to discuss any areas of uncertainty with you as it is important you arrange the correct level of cover for your needs, but the most frequently asked questions are detailed below for your information
Whilst most common major illnesses are covered by insurers, not all companies cover the same illnesses, so it is important that you are familiar with the inclusions and exclusions before any documentation is signed. The illnesses usually covered are
Decreasing term critical illness
This policy provides a reducing level of benefit throughout the term and is usually the best choice for covering the balance on a repayment (or capital and interest) mortgage, as the amount of money the policyholder has been insured for decreases over the term of the policy in line with the value of the outstanding mortgage balance
Level term critical illness
This policy provides the same level of benefit throughout the term and is usually the best choice if covering an interest-only mortgage, as the value of the outstanding mortgage balance remains constant during the term of the policy. It is also the preferred option where the benefit is to be used to replace income lost as a result of the illness
Index-linked critical illness
This type of policy is designed to counteract the effects of inflation on the amount of benefit paid if a claim is made, providing sufficient protection for your family
The process is simple, to get a free no obligation personal illustration for critical illness cover either complete the short online enquiry form and a Caboodle adviser will contact you, or call us on 0800 151 2407 or
0121 308 9114.
Caboodle Financial Services Ltd
Mere Green House
46-48 Mere Green Road
West Midlands B75 5BT
Telephone: 0121 308 9114