Critical Illness Cover
It's not until you lose your health that you can fully appreciate the financial strain it puts on you and your family.
Although many people survive common illnesses like cancers, heart attacks and strokes - recovery can be a long and emotional process that prevents you from earning a living.
What are the odds? They are surprisingly high:-
1 in 4 people will suffer a critical illness between the ages of 30 and 60
Source: UNUM (Datamonitor UK Health Insurance)
1 in 3 of us will develop cancer during our lifetime
Source: Bright Grey - March 2010
Someone has a heart attack every 2 minutes
Source: Bright Grey - February 2010
As well as loss of income, you may also have extra expenses to worry about. For example, paying for travel to hospital, physiotherapy, someone to help you with the housework or to look after your children; and you may even need expensive adaptations to your home or car.
That's where Critical Illness Cover comes in. It pays out a tax free lump sum following diagnosis of a wide variety of common critical illnesses.
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What is Critical Illness protection?
It works like life assurance - but instead of paying a lump sum if you die, it pays a lump sum if you are diagnosed with one of more than 40 critical illnesses.
The most common serious illnesses are cancer, heart attack and stroke. Medical advancement means that, thankfully, in many cases people now survive these illnesses but many sufferers are forced to re-evaluate their life choices as a result. Critical illness cover is designed to provide you with a tax free income or lump sum in the event of a serious illness. The cover can also include free counselling and rehabilitation services to help you recover as part of the package.
To get the benefit:
- You'll need to survive for 14 days after diagnosis, and
- Your condition must meet the standard medical criteria. Normally your hospital doctor or GP would need to complete a medical questionnaire confirming this
If your claim is agreed, the lump sum will be paid to you straight away. And that's all there is to it.
Teachers Assurance does not provide its own policy. Instead we have carefully selected appropriate plans from specialist providers, to make available to our customers. To find out more please contact us or click here to book a Financial Advice appointment.
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Am I covered with the Teachers Pension Scheme?
The scheme doesn't provide critical illness cover.
However:
- You may get your pension early if your illness is considered serious enough to prevent you ever working again; it is unlikely that you would get a full pension. For details please get in touch with us.
- Your family would get a lump sum if you die, how much depends on your salary and length of service. For details go to Life assurance.
You will get sick pay from your employer for a period of time, how much depends on your salary and length of service. For details go to Income Protection insurance.
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How much cover do I need?
That depends if you want to take a short term or long term view.
For example you might want enough money to:
- Pay off your mortgage and other debts - so you have no major money worries
- Tide you over for a few years in case you can't work while you recuperate or have treatment, or if your partner needs to take time off to look after you or your children
- Create a nest egg for the future - just in case you need to adapt your home, pay for nursing care or if you become ill again.
If you have a partner who also needs protection it may be possible to cover you both on the same policy. Our expert Financial Consultants can explain and help you decide on your need for critical illness cover. To find out more go to Personal Financial Advice or please give us a call.
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Why choose Teachers Assurance?
Started in 1877 by teachers - for teachers.
15,000 teachers a year in 3,000 schools in England and Wales turn to us for financial direction. (And that's excluding other teachers who phone in or email us.)
No one understands the financial needs of teachers better than us.
As a mutual friendly society our business is built on helping teachers to:
- Protect themselves and their families
- Save for the future
- Invest efficiently
- Get the most suitable advice
- Make confident financial decisions
To find out more about how we treat our customers go to the following page:
- About us - See who we are and what you can expect from us.
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What if I need your help, advice or want to apply?
If you need our help or advice, please give us a call:
0800 056 0563
8.30am to 8pm Weekdays
9am to 1pm Saturdays
To help us continually improve customer service, calls may be recorded or monitored.
Ask us for advice
Our expert Financial Consultants can help you choose the most suitable products for your needs, you can ask for personal financial advice over the phone or face to face .
Ask us for a school visit - Money Talks!
Book a school visit for one of our Financial Consultants to hold a free financial planning session for teachers in your school.
Our Consultants are only able to advise on our own products and services and those of selected third parties.
