Contractor Critical Illness

Critical illness cover is a form of insurance which pays out a tax-free lump sum in the event that you are diagnosed with a specified illness or medical condition during the term of the policy.

As a contractor, you are statistically at a higher risk of a critical illness such as a heart attack, stroke or developing a form of cancer. Thankfully our modern medical advances mean that these conditions are treatable, but there’s a chance that an illness could leave you in a reduced state of health.

Protect yourself from this potential financially crippling situation and invest in critical illness insurance for contractors, where a lump sum can be paid out on the diagnosis of an illness.

Critical Illness Insurance for Contractors

Critical illness insurance is designed to cover you in the event of a diagnosis of a serious medical condition. A critical illness policy will cove around 50 critical illnesses, including cancer, suffering a stroke or heart attack.

It’s important to check what is and isn’t covered by the policy you take out as most types of insurance can differ depending on the provider.

Most providers will pay a single, tax-free lump sum if you are diagnosed with a critical illness that is listed in your insurance policy. You can choose to spend the money as you see fit, such as:

  • Contributing to company debts
  • Paying off medical bills
  • Investing into a fund to provide you with an income if you are unable to work

What Is Covered by Critical Illness?

This type of policy will cover around 50 – 60 illnesses and conditions, including cancer, strokes, coronary heart disease and multiple sclerosis. Before taking out a critical illness policy, it’s important to check what is and isn’t covered. For example there are many forms of cancer that are now treatable, so a claim may not be able to be made until the disease reaches a certain stage.

It is the duty of the insurer to state clearly what the exclusions are, but it’s your duty to make sure you understand the policy.

The Benefits of Critical Illness Cover

A critical illness policy pays out a lump sum after the diagnosis of a condition (that is listed on the policy). The lump sum that you receive can be used to cover a variety of needs, including paying for medical costs, paying off a mortgage or settling debts.

Unlike other types of contractor policies available, you will receive the income upon diagnosis rather than death, so the funds can be used to help improve your lifestyle and pay for day-to-day bills whilst you recover.

How Much Does A Critical Illness Policy Cost?

The policies will vary in price, depending on a number of factors such as the amount you want to be insured for, your personal medical history and your age at the time of applying. The more likely you are to make a claim, the higher the premium will be. For example, if you’re an older applicant then you can expect to pay a higher premium. There is no cash-in value with this type of policy, so you won’t receive a payment if you survive to the end of the policy term or decide to terminate the policy early.

Getting the Right Critical Illness Cover for You

The policies we recommend are handpicked for Contractors. We will work closely with you to make sure we find the right policy that suits you and your requirements, and to ensure that you won’t have to worry financially.

To find out about the contractor critical illness cover policies from leading companies in the industry, please contact us today and the team will get in touch.

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