CRITICAL ILLNESS COVER
Critical Illness Cover: Financial Protection When Life Takes an Unexpected Turn.
What Is Critical Illness Cover?
Critical illness cover is an insurance policy that provides a financial safety net if you’re diagnosed with a serious illness. It pays out a tax-free lump sum to help you manage the impact on your life. This policy is designed to ease financial worries during a challenging time.
Here’s what you need to know about critical illness cover, how it works, and why it’s important.
What Does Critical Illness Insurance Cover?
Critical illness cover pays out if you’re diagnosed with a serious medical condition that is covered by your policy. Common illnesses typically include:
- Cancer (specific types and stages)
- Heart attacks
- Strokes
- Multiple sclerosis
- Organ failure
- Some types of dementia (e.g., Alzheimer’s)
Every policy is different, so it’s essential to check the list of conditions covered. Some also include optional children’s critical illness cover for added peace of mind.
How Does It Help?
A serious illness can disrupt your life in many ways. Critical illness cover provides a lump sum payout that you can use however you need. It can help with:
- Living costs: Replace lost income if you can’t work.
- Medical treatment: Pay for private healthcare, rehabilitation, or specialist equipment.
- Debt repayment: Clear outstanding debts, like a mortgage or personal loans.
- Future planning: Support your family’s financial stability during recovery.
The payout gives you flexibility and control, allowing you to focus on recovery rather than finances.
Why Is It Important?
No one likes to think about getting seriously ill, but it happens. In the U.K., millions of people are diagnosed with life-changing illnesses every year. Statutory Sick Pay (SSP) and savings may not be enough to cover long-term needs, especially if you’re unable to work for months or years.
Critical illness insurance cover ensures you and your family are financially supported during this difficult time. It helps you stay on top of bills and maintain your quality of life.
If you want more information or to book an appointment, please fill out the form below, and we’ll get right back to you.
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Frequently Asked Questions
Can I get critical illness cover if I have a pre-existing medical condition?
Yes, it’s possible to obtain critical illness cover even if you have a pre-existing condition. However, insurers may exclude that specific condition from your policy or adjust your premiums accordingly. It’s crucial to disclose your full medical history when applying; failing to do so could result in a denied claim later on.
Are all types and stages of cancer covered under critical illness policies?
Not necessarily. Although many policies cover certain cancers, they usually specify the different types and stages eligible for a claim. Early-stage cancers or non-invasive forms of cancer, for example, may not be included. We’ll take you through your policy’s terms to understand which conditions are covered.
Does critical illness cover include mental health conditions?
As a rule of thumb, no. Critical illness cover policies focus more on specific physical health conditions rather than anxiety or depression, for example. However, it is worth noting that having a history of mental health conditions doesn’t automatically disqualify you from obtaining cover. We’ll go through the policy carefully with you and notify potential insurers of all your medical history.
Can I claim for multiple critical illnesses on the same policy?
No, critical illness cover provides a one-time lump sum payment upon diagnosis of a covered condition. Once a claim is made and paid out, the policy usually ends, so you cannot claim for additional illnesses under the same policy.
What factors influence the cost of critical illness cover?
Several factors can affect your premium. These include your age, health status, smoking habits, occupation, and the amount and duration of coverage you choose. We’ll help you find the best deal for your circumstances.