Personal and mortgage critical illness
Our article Why critical illness shouldn’t stand alone outlined why accelerated critical illness is usually a better choices than its stand alone cousin. This article looks at the point of personal critical illness, the downsides of critical illness mortgage cover and the “right” amount of cover.
I'll finalize this article as soon as possible. Just the slightest hint of content in the meantime.
Abbreviations used in this article
- CIC: critical illness cover
- SACIC: stand alone critical illness cover
- ACIC: accelerated critical illness cover
- LTA: level term assurance
- DTA: decreasing term assurance
What’s the point of critical illness?
Articles from Anorak and Drewberry tackle this subject.
Anorak points out that critical diagnoses can often have a significant financial impact on households, with potential reasons being:
- You need time off work, for physical or mental health reasons
- Another breadwinner needs time off to support your recovery
- Home alterations are needed as a result of your illness/condition
- Unexpected medical costs, travel expenses, or needing to pay for care
They highlight Macmillan’s finding in a 2013 report that four in five people end up £570 a month worse-off after a cancer diagnosis, as household income goes down and outgoings go up.
Much more to come.