Critical illness cover helps in exactly these circumstances. In the event of a diagnosis of an illness covered by your policy you will receive a lump sum payment. Even though medical assistance is continually improving you may find that some illnesses leave you in a long-term state of reduced health, so the lump sum can help you in any way that you find it necessary, such as helping to pay for changes to your lifestyle or changes to your home or car that allow you to continue to work.
Due to the possible pressures that some freelancers face in their work, many of the critical illnesses covered, such as heart attacks, can be prevalent amongst the contracting community. Your lump sum could also help pay for a period of convalescence that prevents you from returning to work too early due to financial worries, with the possible risk of a reoccurrence of your illness.
There are several terms that are widely used for critical illness cover, which are important to understand as they often dictate what sort of cover you have. A 'level term' with critical illness cover means that the amount you are insured for remains the same throughout the term of your policy, whereas A 'decreasing term' with critical illness cover means the amount decreases over the term of the policy. This cover is usually chosen to protect a repayment mortgage, so that the amount of insurance decreases roughly in line with your remaining mortgage debt.
freelancesupermarket.com members have access to brokers who specialise in this type of insurance. Not only are the schemes comprehensive, they are the most competitive on the market.
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