Critical illness insurance is not something you tend to think about until it’s too late. If you were to become ill and have no cover or way of paying your health care, it could be devastating to your finances. One of AEON’s clients will tell you how grateful she is for the comprehensive and independent financial advice she received from AEON about 8 years ago when fit and healthy.


Health

The problem:  Finding affordable health insurance
The benefit:  Provided wider cover than had been anticipated
Suitable for:  Anyone of working age

I have been a client of AEON for over 14 years and have always had a good relationship with them.  I first became aware of critical illness insurance around 2005 during a review meeting with Tony. It was something that I knew little about and I never thought it was something I might have a use for. My income at the time was good and I have always been relatively cautious when it comes to spending money. However, Tony discussed the pros and cons of such an insurance – of which there were not many downsides other than the extra monthly cost, and I came to the conclusion that I would give the policy a go. The main selling point for me was that it could greatly benefit my children. Whilst I may have had a good income then and no financial worries to speak of, what would happen if I couldn’t work temporarily? Or even worse permanently? While my children were beginning to reach a stage where they would not be financially dependent, I did not want them to have to suddenly change from a lifestyle that they were accustomed to. Whilst the premium for me was quite high, the level of cover was also high and if anything were to happen to me, the pay-out would outweigh the monthly cost.

Sadly in May 2012 something did happen. I was diagnosed with bowel cancer and surgery was scheduled to try and remove the tumour. The operation went very well and I was very fortunate in that I had no need for any further treatment. At this point it didn’t even occur to me that I had any insurance that would potentially pay some money out. I’d actually considered cancelling the policy earlier in the year as I thought it was only relevant for a terminal illness! Luckily Tony had persuaded me not to do so and after having a general chat with him and telling him about my illness, he reminded me that I was in fact eligible to make a claim. After finding this out, the whole process went swiftly. Jane took over the whole process and the only thing I had to do was fill in a few forms and contact the doctors. There was no requirement for me to call the insurance company at any point as AEON did all the work for me. I received the cheque on the 16th August – around three months after we started the whole process.

Receiving the money was a massive relief to me. It meant that I could spend money in the same way I did before I got ill without having to worry about it. Being in the fortunate position that I am, it also meant I could help out my children financially in order to secure them a better future. If I were to speak to anyone now who was considering taking out critical illness cover I would tell them to definitely take it out. It gave me peace of mind and has reassured me that if anything like this were to happen again, I would still have a stable financial future.