Critical illness cover
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Critical illness cover<br>Protect your world

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What extra benefits could I get with my life insurance?

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Critical illness cover (CIC) is one of the most important additional benefits to consider when looking at your life insurance needs. If either you or your partner became unable to work because of a serious illness then you would want some cover in place. This helps pay for:

  • Bills
  • Mortgage payments
  • Other monthly outgoings

Most of us when faced with the diagnosis of a serious illness such as Cancer, Heart Attack or Stroke would want financial peace of mind. Critical illness cover is designed to pay you and your family a cash lump sum to help with living costs while you are unable to work.

Critical illness cover is an extremely versatile life insurance policy that could prove to be invaluable if you or your partner were to become seriously ill.

Compare critical illness cover UK

There are several different ways to buy critical illness cover either on top of or as part of your life insurance cover.

The main point that most people do not know is that you can tailor the amount of critical illness coverage to suit your budget and your needs. CIC premiums tend to be higher than life insurance premiums, mainly because you are far more likely to claim this type of policy.

Critical illness cover premiums are also lower for younger and healthier people. It is, therefore, always advisable to obtain this type of cover in younger life to keep the cost of cover down. Unfortunately, life teaches us that as we age we are more and more likely to be diagnosed with a critical illness or medical condition. Hence the cost of life and critical illness cover increases.

About critical illness cover

Critical illness cover is a personal protection policy that covers a range of serious illnesses or disabilities that can vary from one provider or policy to another. Life insurance is more simple than critical illness cover because the ultimate result and reason for claim will almost always be the same. Thousands of serious illnesses can ultimately cause a vast range of symptoms and vary dramatically in severity.

It is always best practice to consider some level of critical illness coverage even if you can’t afford the full amount that you may want. Cost can be one of the biggest issues when considering CIC due to the higher premiums than straightforward life insurance.

Most critical illness policies cover many conditions that are considered serious or critical. Mainly these include various types of Cancer (which is the most common) as well as Heart Attacks and Strokes. When purchasing or reviewing any critical illness policy, the main thing to remember is that “cheapest is not always best”.

Other types of personal protection products include:

It is important to carefully consider which types of cover are most important to you based on your individual circumstances.

Critical illness cover UK underwriting

As with life insurance, a CIC application will be underwritten at the point of sale to assess risk and to apply the appropriate premium to the individual. The main factors that will be taken into account when assessing your life and critical illness cover application are:

An underwriter will consider your circumstances and medical history. They’ll either apply a loading to your critical illness cover premiums, exclude certain pre-existing medical conditions or possibly decline cover altogether. Underwriting for critical illness cover is more strict than it is for life insurance because of the increased risk and higher instances of claims.

What is critical illness cover?

Most people consider buying critical illness cover or are at least told about critical illness cover when they apply for life insurance. CIC is usually bought as an additional benefit on top of a life cover policy. These combined life insurance and critical illness cover policies are also the most cost-effective and cheapest way to buy CIC.

Critical illness insurance pays out a tax free lump sum if you or your partner are diagnosed with a serious illness that is listed on your policy. Most modern CIC policies are very comprehensive. They will pay out for a vast number of conditions in part or in full depending on the severity of that condition.

How much does critical illness cover cost?

Critical illness cover premiums can vary depending on the level of cover you are applying for, the term of your policy and your health. Indeed, CIC is generally cheaper for younger people who are at lower risk and healthier in most cases. Some critical illness cover policies can cost more because they offer better levels of cover. This means that they will cover a longer list of serious illnesses or disabilities.

There are several ways to keep the extra cost of critical illness cover down, such as reducing the amount of cover. This does not necessarily mean that the amount of cover will be insufficient. You must also consider that critical illness cover pays out a lump sum if you are seriously ill and ideally would become well again.

Can I get critical illness cover?

Critical illness coverage is generally available for most people and will always be available if you are healthy with no major medical issues. Insurance providers’ underwriting can vary so some insurers may decline CIC for certain individuals with pre-existing medical conditions whereas others may not.

Based on your medical history, our adviser should be able to tell you whether critical illness cover will be available. On top of this, they also know which insurance providers would be most suitable. If you have been declined CIC in the past then it does not necessarily mean that you can not get this type of cover at all.

How much critical illness cover should I buy?

The level of critical illness cover that is appropriate for you will depend on your income, outgoings and your circumstances (e.g. dependants, mortgages etc.). It is important to consider:

  • The reasons you might need to make a claim on CIC
  • How much cover you need to ensure your family is financially secure

You do not necessarily need the same amount of critical illness cover as the level of life insurance that you are applying for. You should consider these to be two different types of cover and therefore do not need to be the same amounts.

Will a critical illness cover policy pay out?

Similarly to life insurance, claims statistics for critical illness cover are generally very high (usually over 90%). As long as you disclose everything you are asked on your applications, you should receive a payout at the claim stage.

If you do not disclose all your medical history, occupation details or extreme sports then it may result in a claim not being paid. Some people attempt to make a claim for a serious illness that is not covered on their policy which will also result in a claim being declined.

Is critical illness cover better than income protection?

These are two very different policies and in an ideal world, you should consider an amount of critical illness cover and income protection. CIC is designed to pay out a tax free lump sum if you are unable to work due to a serious illness. Income protection is designed to pay an income for a period of time if you are unable to work due to accident or sickness.

Critical illness cover for pre-existing medical conditions

iam INSURED is also an expert for people with pre-existing medical conditions. We help you to protect your family, home and business if you become seriously ill.

It can be difficult for people with pre-existing medical conditions to get critical illness coverage. A specialist adviser who understands your needs can point you in the right direction. This helps get you the best life and critical illness cover at the right price.

Pre-existing medical conditions critical illness cover:

Speak to one of our expert advisers who will help to guide you to affordable and the right pre-existing medical conditions cover.

Critical illness cover for hazardous occupations

iam INSURED helps people with hazardous or dangerous occupations to find the best cover to protect their families, homes and businesses at an affordable price. With hazardous occupations, it is important to make sure that the cover you are offered has everything you need.

Hazardous occupations critical illness cover

Call our team of experts and see how we can help you to find the right hazardous occupations critical illness cover to protect your family.

Income protection for extreme sports

iam INSURED is an expert for people who take part in amateur or professional extreme sports and hazardous hobbies. Some non-specialist insurance companies may not appreciate or understand the best way to process your application for extreme sports income protection. An expert, on the other hand, will know the best course of action.

Extreme sports income protection:

Feel free to contact our team of specialist advisers who will help you to find the right extreme sports income protection.

Talk to an adviser

Our team of highly skilled and vastly experienced advisers will help you to get the right cover to suit your needs at the right price.

Life and critical illness insurance can be extremely confusing. The application process can appear to be difficult, so we’re here to make it easy for you.

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