The Importance of Critical Illness Insurance for High Earning Professionals
Critical Illness Insurance should be a consideration for all, but for high earning professionals in particular. It is important to safeguard yourself and your family against the financial impact of a critical illness.
Critical illness insurance provides cover in the event of diagnosis of an array of critical illnesses. The insurance can be a standalone policy or added to a life insurance policy.
In the eventuality of a critical illness diagnosis, having critical illness cover enables you to alleviate the financial impact it can cause, by providing you and your family with a lump sum payment. The cover can fund potential treatment costs as well as support your households’ current lifestyle, by enabling you to meet your financial commitments.
Why Should High Earning Professionals have Critical Illness Insurance?
For high earning professionals, it is likely that the current standards of living of you and your family relies heavily on your income. A diagnosis of a critical illness can mean the inability to work for a long period of time. A sudden loss of regular income can result in not being able maintain the same level of spend which can require serious adjustment to your lifestyle, the impact of which is often greater for high earners.
The reason why high earning professionals should especially consider critical illness insurance, is that your commitments and spend are likely to be much higher and are therefore reliant on a higher stream of income than what may be available to you without critical illness cover.
By having a critical illness insurance policy in place, you can receive a lump sum pay out at your chosen level to protect yourself from loss of income, potentially for an extended period of time. This protection offers you peace of mind and can alleviate the worry of financial implications that result from illness.
Choosing a Critical Illness Insurance Policy
As there is such variety across providers and plans, in which conditions a policy may cover, as well as the amount of cover and other policy options, it is strongly advised to get advice when deciding on your policy.
Your personal financial commitments and circumstances should be considered to ensure you have the best protection in place for you and your family. Critical Illness Insurance policies can be established for yourself and your partner. Some policies also provide children’s Critical Illness Cover.
You can speak to our specialists at Spectrum FA to receive unbiased expert advice to find the most suitable policy for you, based on your circumstances. You can contact us by email at info@spectrumfa.co.uk, by phone on 01279 315 013, or by completing the contact form.