Critical Illness
Cover

What is it?

Critical Illness Insurance pays out a lump sum if you are diagnosed with a specific illness covered by your policy.

You might want the policy to clear an outstanding mortgage balance, or just to help cover a few years salary if you are unable to work due to a serious illness.

How does it work?

Critical Illness cover can be taken on its own, or taken alongside a life insurance policy. You would need to work out how much cover you need, and what you would like the cover for. It might be to pay a mortgage balance, replace your salary for a few years whilst you recover, or pay for any specialist medical costs.

Similar to life insurance, you choose how long you want to be insured for. As long as you are diagnosed within the term of the policy, and your diagnosis meets the conditions set by the insurer, it will pay out. If you receive the full sum assured ( as some policies do pay a proportion ) your cover will end.

You can also have decreasing, level or increasing cover, as well as choosing to be insured on a single or joint plan.

The most common types of critical illness claims are for Cancer, Heart Attacks and Strokes. Depending on your insurer you will be covered for anything from 10 to 182 conditions. Each insurer will have their own criteria so its important to understand the definitions on your plan.

Most of the UK’s top Critical illness providers will also cover your children on your plan, free of charge. They will pay out a percentage of your sum assured, but usually limited to £25,000 if your child is diagnosed with a critical illness listed on your policy.

Why take out critical illness cover?

Financial Security – If you became critically ill, a lump sum payment can help the family through a difficult time. depending on your illness, you may never be well enough to return to work

Medical Costs – Depending on your diagnosis, but you might want to get the best medical help possible. Critical Illness can provide you with a financial security to ease the cost of private medical bills.

Mortgage – You can choose to have a critical illness policy to clear an outstanding mortgage debt if you are diagnosed critically ill, giving you peace of mind that you and your family don’t have the burden of mortgage payments whilst you’re on the road to recovery

How much does critical illness cover cost?

The cost of critical illness cover will vary depending on a few factors. These factors are…

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Your health
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Your age
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Amount of cover you require

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Length of your policy

According to Cancer Research UK, around 1 in 4 new cancer cases diagnosed every year are among people aged under 60

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FAQ’s For Critical Illness Cover

Do I need critical illness cover?

Like any insurance policy, you don’t have to have Critical Illness Cover. However, this type of cover might be right for you, if you have little or no savings to cover your outgoings if you were diagnosed with a life-threatening illness..

How long do I take it for?

You can choose to cover yourself on Critical Illness for as long as you need it, but usually, most insurers will only cover you up to the age of 75.

What conditions are covered for this?

This will vary from insurer to insurer. The majority will all cover the most common types of critical illnesses, such as – Cancer, Heart Attacks, Strokes, Tumours, Multiple Sclerosis. The number of conditions covered can vary from 10-182 serious illnesses.

Can I cover my child?

Certain policies will have children’s critical illness cover included as standard but not always. It’s important to ask your adviser if your child is included, or which insurer will do this for you.