fbpx

Critical Illness Cover

Speak to one of our team of life insurance experts to get the cover you need with some incredible rewards and benefits from the likes of Apple, Starbucks, Amazon and many more.

The importance of critical illness cover

Critical illness cover is one of the most important additional benefits to consider when looking at your life insurance needs to protect your family. If either yourself or your partner were to become unable to work because of a serious illness then you would want some cover in place to pay bills, mortgage payments and all of your usual monthly outgoings.

Most of us when faced with diagnosis of a serious illness such as Cancer, Heart Attack or Stroke would want financial peace of mind especially during these incredibly stressful periods. Critical illness cover is designed to provide you and your family with a tax free cash lump sum to cover your monthly costs of living 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.

The importance of critical illness cover

Critical illness cover is one of the most important additional benefits to consider when looking at your life insurance needs to protect your family. If either yourself or your partner were to become unable to work because of a serious illness then you would want some cover in place to pay bills, mortgage payments and all of your usual monthly outgoings.

Most of us when faced with diagnosis of a serious illness such as Cancer, Heart Attack or Stroke would want financial peace of mind especially during these incredibly stressful periods. Critical illness cover is designed to provide you and your family with a tax free cash lump sum to cover your monthly costs of living 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.

About critical illness cover

Critical illness cover is a personal protection policy that covers a range of serious illnesses 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. Whereas there are literally thousands of serious illnesses which can ultimately cause a vast range of symptoms and vary dramatically in severity.

It is always best practice to at least consider some sort of levels of critical illness cover even if you can’t afford the full amount that you may want. Affordability can be one of the biggest issues when considering critical cover due to the higher premiums than straight forward life insurance.

Most critical illness cover policies will cover the main serious or critical illnesses such as Cancer which is the most common, Heart Attack and Stroke. The main point to remember when purchasing or reviewing any critical illness policy is that “cheapest is not always best”.

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

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

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

There are a number of ways to keep the cost of critical illness cover down to make it more affordable, such as reduce the amount of cover which does not necessarily mean that the amount of cover will be insufficient. You must also consider that critical illness cover is designed to pay out if you are seriously ill and ideally would become well again.

Critical illness cover 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 exclude or decline critical illness cover for certain individuals with pre-existing medical conditions whereas others may not.

Your adviser should be able to tell you whether critical illness cover will be available based on your medical history and which insurance providers would be most suitable. If you have been declined critical illness cover in the past then it does not necessarily mean that you cannot get this type of cover at all.

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 what circumstances you might need to make a claim on a critical illness cover policy and how much you would need to be financially supported for a period of time.

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.

Similarly to life insurance, claims statistics for critical illness cover are generally very high (usually well over 90%). As long as you disclose everything that you are asked on your critical illness cover applications then you should receive a pay out at 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 which is not covered on their policy which will also result in a claim being declined.

These are two very different policies and in an ideal world you should consider an amount of critical illness cover and income protection. Critical illness cover is designed to pay out a tax free lump sum if you are unable to work indefinitely or for a long period of time due to a serious illness. Income protection is designed to pay an income for a period of time (usually 12 or 24 months) or for the remaining term of a policy if you are unable to work due to accident or long term sickness.

Our team of insurance experts will aim to help you to get some of the best deals from the UK’s top companies to save you money.

Get a quote

All it takes is a couple of minutes to get covered.

Request a callback

Speak to a an expert adviser for tailored advice.