Critical Illness Cover

If you are diagnosed with a serious medical condition, financial worries are the last thing you need. Critical illness cover can help to ease the burden by paying out a lump sum to get you through difficult times.

The unfortunate truth is that there is around a 50% chance of having a critical illness before you retire. This makes it one of the most important types of cover you should consider to repay a mortgage or protect your family. pop

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What is Critical Illness Cover?

Critical illness cover is a tax-free lump sum which is paid when you are diagnosed with one of the conditions listed in the policy. It’s entirely up to you what you do with the money; pay off a mortgage, pay for private treatment or cover the cost of everyday living, the choice is yours.

You can choose to have critical illness either on its own or you can bundle it with life cover. You decide how much cover you want to have, and the insurer will provide a quote for critical illness cover based on your age, occupation, family history, health and medical history, plus other relevant factors. Contact Us to get a quote based on your circumstances.

Other common types of protection are Life Insurance and Income Protection

See our Life Insurance page here: Life Insurance

See our Income Protection Page here: Income Protection

Critical Illness Cover

What Does Critical Illness Cover?

Although there are many different medical conditions or diseases which may make you critically ill, critical illness cover only pays out if you are diagnosed with something listed in the policy.

The good news is that critical illness policies are comprehensive and typically include the most common conditions. All critical illness policies cover some core conditions which are:

  • Heart attack
  • Stroke
  • Cancer

 

There are many other conditions which the policy can cover, such as:

  • Multiple Sclerosis
  • Aorta graft surgery
  • Benign brain tumour
  • Alzheimer’s Disease (usually before a certain age specified in the policy)
  • Blindness
  • Deafness
  • Coronary artery bypass graft
  • Coma
  • Heart valve repair or replacement
  • Kidney failure
  • Major organ transplant
  • Loss of speech
  • Loss of a hand or foot
  • Motor neurone disease (usually before a certain age stated in the policy)
  • Parkinson’s Disease (usually before a certain age stated in the policy
  • Paralysis
  • Third-degree burns covering 20% of the body
  • Total permanent disability

 

Every policy will carry a definition of each of these conditions, and this must be fulfilled to qualify for a payout. These conditions are the most common, but you may find additional conditions included by some critical insurance policies.

Some insurers also offer Child Critical Illness as a free or paid extra. This covers your child for a proportion of your cover, without affecting your benefit if you make a claim.

The extent of cover can vary significantly from one insurer to another so if you want to have the fullest protection possible, it’s important to check what’s included.

Contact Us to discuss your critical illness cover requirements.

How Much Critical Illness Cover Do I Need?

The amount of critical illness cover you need depends on your personal circumstances, and what you need to protect.

For example, you may want to pay off your mortgage and also have some money left over to help with daily living costs. This is because you may not be able to return to work for a long time, if at all.

How much critical illness you need is a very personal decision. If you already have other types of health insurance, such as Income Protection Benefit, you may need less cover to be able to manage your daily living costs. Conversely, if you have lots of loans or a large mortgage, you may want to ensure that you have sufficient protection to clear these if you become ill.

As experienced critical illness and life insurance brokers, we can help you to calculate the right amount of cover for your needs. Contact Us today.

Critical Illness Cover

Can I Get Critical Illness With Pre-Existing Conditions?

It’s very important that when you apply for a policy you are honest about your current health and medical history. If you don’t fill in the application form fully and honestly, your claim may not be paid.

If you have pre-existing conditions, you may still be able to get critical illness cover. Some insurers specialise in offering protection to individuals with a history of health complications. If you have pre-existing conditions you may be asked to pay a higher premium, or certain conditions excluded from your cover. This means you can still benefit from the rest of the protection that a critical illness policy provides. Contact Us for a free quote.

Are There Any Critical Illness Insurance Exclusions?

The Association of British Insurers has a statement of Best Practice which sets out the common exclusions for critical illness. You will normally find these in most critical illness policies:

  • Self-inflicted injuries
  • Unreasonable failure to follow medical advice
  • Alcohol or drug abuse
  • Illegal or criminal acts
  • Hazardous activities and sports
  • Aviation
  • Riots, civil war or war

 

For a claim to be paid, your medical condition must meet the description set out in the policy. You must also have been honest about your symptoms and previous medical history. If you do not tell the insurer about your medical history, or if your symptoms started before you applied for the policy, your claim may be refused.

How to Get the Best Critical Illness Cover Quote

Critical illness is an extremely valuable benefit, offering financial protection and flexibility if you are suffering with a serious illness. However, the level of protection and the cost can vary depending on your history and the insurer.

We can help you to get the most competitive critical illness cover quote with the most comprehensive protection. Contact Us today to find out more.

Similar pages you may find useful:

See our Life Insurance page here: Life Insurance

See our Income Protection Page here: Income Protection

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