Health Insurance
For
Life Assurance, Critical Illness Cover, Income Protection and Private
Medical Insurance, we usually offer products from a selected panel
or providers.
Critical
Illness Insurance - In these times, with improved medical
treatments, more people are surviving Critical Illnesses. It
is now possible to take out cover, whereby a lump sum can be
provided by the insurance company in the event of specific
critical illnesses being diagnosed. This would be particularly
useful if the policyholder was unable to work or carry out activities
and normal daily living, in order to for example repay a mortgage
or carry out alterations to the home, such as wheelchair access
and stairlifts etc. Critical Illness insurance is often combined
with Life Cover policies, in order that the sum assured can
be paid out on death or the diagnosis of specific critical
illness.
Income
Protection
- Income Protection policies, also known as Permanent Health Insurance
(PHI), are designed to protect the policyholder if he or she is unable
to work, and therefore, earn money, due to illness or injury. Different
occupational classes carry different risks so premium costs will depend
on the policyholder's occupation, as well as their age and the period
of time that passes between when the insured becomes unable to work
and when the claim is made. Policies and their conditions vary considerably with different insurers, so it is important that the advice of a Financial Adviser should be sought.
Private
Medical Insurance (PMI)
- These policies are designed to offer private medical treatment in
the event of a claim. Given the ongoing problems and waiting lists
under the NHS, PMI is becoming more popular, even though premiums
can often be high. Premiums are based on age and the type of cover
required. As with Income Protection, the range of different policies is wide, varying from very basic levels of cover to much more comprehensive cover, so you should seek advice to help you select the most appropriate policy to suit your needs.
Long
Term Care - These policies are designed to protect the insured's
assets, by helping to cover the costs of long term care in a residential
or nursing home. Long term care can be extremely expensive and, if
no cover is in place, these costs can soon deplete one's assets,
ultimately leaving very little remaining in the estate, on death.
Therefore, Long Term Care Insurance should be considered by anyone
who has considerable assets. As life expectancy increases, the need
for long term care will continue to rise: also, assuming only limited
care facilities remain available, costs are likely to increase.
MJR Financial Services are not authorised to advise on Long-Term
Care, but we can put you in touch with a reputable adviser, who would
be able to advise you appropriately.
