Contractor Financials ? An Overview

Critical Illness

Excellium appreciate that the high stress levels that Contractors sometimes work under can mean that they are more susceptible to conditions such as heart attack, stroke and cancer.

Whilst it is hard to avoid these now common illnesses, there is an easy way to protect yourself financially if the worst should happen.

What are the benefits?

• Critical Illness cover pays out on diagnosis of a condition rather than on death so that you can make use of the income whilst you are recuperating.
• Can help you fund changes to your car or home so that your life remains as normal as possible if your mobility is reduced and to help you keep your independence.
• The critical illness policy will repay outstanding debts or mortgage loans

How does it work?

• Critical illness is best used in conjunction with Income Protection (Private Health Insurance) which will give you a monthly income if you become too ill to work and will continue to pay until you return.
• With Critical illness cover you will receive a single pay out on diagnosis which is non-refundable, even if you return to good health.
• Like life cover, you can arrange your critical illness policy to cover you for a fixed term such as up to retirement, or for the whole of your life.
• You also have the option of decreasing term assurance (DTA) when the amount of cover decreases over time, or level term assurance (LTA) when the cover stays the same for the life of the policy.

Financial advice is given by ContractorFinancials, which is a trading name of ContractorFinancials Ltd and is regulated and authorised by the Financial Services Authority.