What is critical illness insurance?

Critical illness cover provides you with a tax-free sum of money if you are diagnosed with a life-altering illness.

How does critical illness work?

When you take out critical illness cover, with an insurance provider, they will have a predetermined list of specific illnesses their policy will cover. If you are diagnosed with one or more of the specific illnesses on that predetermined list then you will receive a tax-free sum of money. The kinds of illnesses that are covered are usually long-term serious conditions such as some forms of heart attack, stroke, amputation or paralysis, cancer, multiple sclerosis or Parkinson’s disease. Some insurers also offer partial payouts for serious illness definitions, such as less advanced cases of cancer.

Are my children covered on my policy?

Some insurers offer additional benefits such as Children’s Critical Illness Cover which can be free as part of a parent’s policy. Children’s critical illness covers many childhood cancers, strokes and benign brain tumours, all of which are the most claimed for illnesses.

How do I pay for my Critical Illness Insurance?

You will usually pay a monthly amount for your critical illness insurance which is called a premium. You must continue to pay your premiums as if you do not your policy will expire and you will not be covered. It is good to review your policies when there are any significant changes such as getting married or having a family.

Do you need critical illness insurance?

Cancer survival rates have doubled in the last forty years which is fantastic however one in two people in the UK will be diagnosed with cancer in their lifetime. The cost of a long term illness can be financially devastating, so make time to consider how you would financially survive if you were diagnosed with a life-altering illness. You may have life savings, be entitled to state benefits or sick pay from your employer. However, if you are working full-time or have a family to support, then these are likely to be too small to cover your outgoings. It is also worth understanding that some long-term illness can mean you might not be able to carry on your previous job even after recovering. A driving instructor, for example, may not be allowed to get back to work after suffering a heart attack.

Which critical illness policy is right for me?

We know it might be difficult to know what cover is the best for you but our expert advisors are on hand to offer fee free advice. Contact us for a free no-obligation quote.

Get a Quote