To keep it as simple as i can,a serious illness policy will pay out a lump sum in the event of a person been diagnosed with a serious illness.
There has never been more illness covered and prices are better than than ever as all the life companies are battling with each other for business.
I feel a person needs a minimum of 2 years salary,as it usually takes two years to get over cancer,heart problems etc and this lump sum will help pay bills and day to day expenses .
As a lot of people won’t have a salary if they don’t work,so two years cover is usually best,so if you earn 40k per year,you need to look at 80k lump sum cover.
There is also ways of claiming tax relief on these plans.
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