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Critical Illness Insurance

Critical Illness Cover is designed to pay out if you were diagnosed with one of the conditions that are covered under the policy and are eligible to claim during the length of your policy.

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Critical Illness Cover is designed to pay out if you were diagnosed with one of the conditions that are covered under the policy and are eligible to claim during the length of your policy.

  • Monthly premiums are guaranteed never to rise

  • Premiums start from £5 a month, depending on your personal circumstances

  • Joint cover available for you and your partner

  • Easy to arrange — no complicated forms to fill in

To find out more and to speak to our experienced advisers please call 01202 802677

What is Critical Illness Cover?

No one wants to think about what would happen if you were struck down by a critical illness, but the financial implications for you and your family could be catastrophic. That is why it is so important to consider protecting yourself against such an event.

Critical Illness Cover is designed to pay out a tax free lump sum in the event that you are diagnosed with a specified illness during the term of your policy.

Why do I need critical illness cover?

In a time of great emotional stress, a Critical Illness policy can provide financial support to maintain you and your family's quality of life by:

  • Repaying all or part of your mortgage

  • Replacing your lost earnings

  • Paying for household bills and mortgage repayments

  • Cover the cost of private medical care or specialist treatment

What does it cover me for?

The most common claims are made for Cancer, Heart Attack and Stroke, however a comprehensive policy will cover you for around 30-40 illnesses and may also include other illnesses such as Multiple Sclerosis, Alzheimer's Disease, Deafness, Blindness or Loss of Limbs. Life Assurance will normally also be included.

Most Critical Illness Policies may look similar, how each insurer will have their own individual policy with a different list of conditions and added benefits. Critical Illness Cover will only protect you against those illnesses defined within the policy, so you must be comfortable with what it will and will not pay out for.

What should I consider when buying a critical illness policy?

While price is important, it is worth considering value for money rather than just looking for the cheapest. Having a comprehensive policy is essential, and therefore the number of conditions on the policy is a good place to start, however they should not be your only comparison for quality of cover. For example, some additional conditions, which are not as common, may be less likely to claim on, so paying over the odds to get a few more illnesses on your policy may not be value for money.

ABI+ Definitions will be Critical Illness definitions which exceed the standard set by the Association of British Insurers, effectively making the definition easier to claim on.

Some policies currently include up to nine ABI+, so this is something to look out for.

Total & Permanent Disability cover is often automatically included, however sometimes it is an optional extra. This is an extra definition which will pay out a lump sum if you are suffering from a condition which is not listed within the policy, but renders you totally and permanently disabled, subject to meeting the policy's specific definition.

If you are a parent, Children's Critical Illness may be an important benefit which is designed to pay out a small lump sum of usually between £15,000-£25,000 if your child is diagnosed with one of the specified illnesses.

This is usually included free as part of your policy. The eligibility and amount of pay out will differ between insurers, so is worth reading up on the terms and conditions if this is important to you.

Some Insurers may have other free additional benefits, such Mastectomy Cover, Low Grade Prostrate cancer cover or accidental hospitalisation benefit which may payout smaller lump sums if you are eligible without affecting your overall benefit.

It is important that you do not confuse Critical Illness cover with Terminal Illness cover. Terminal Illness should be free within a normal Life Assurance policy. It is often a definition on a Critical Illness policy too. Terminal Illness will pay out your lump sum, if you are diagnosed as being terminally ill and your doctor has confirmed you are likely to die within 12 months, as apposed to Critical Illnesses which you can recover from. These two policies often get confused, however they are significantly different.

Overall, you are five times more likely to claim on a Critical Illness policy than a Life Assurance policy. For this reason, Life Assurance policies will be a lot cheaper than Critical Illness Cover, however do not be automatically put off by price. A smaller lump sum of Critical Illness, which fits to your budget, a couple of times your annual salary perhaps, may be significant enough to keep you and your family financially supported during such a difficult time. Instead of a lump sum, it is also possible to receive the payout as a monthly amount, called a Family Income Benefit - This is an option you will need to discuss with one of our advisors.

Having life assurance is a cost effective way of protecting your family; however as suffering a Critical Illness is a more likely occurrence, Critical Illness Cover should be an important consideration for anyone looking to protect their family's financial future, if the worst was to happen

As with all insurance policies, conditions and exclusions will apply.

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