WHAT IS CRITICAL ILLNESS COVER?
Critical Illness cover pays out a cash lump sum if you’re diagnosed with one of a number of listed critical illnesses, including some types of cancer, a heart attack or stroke, multiple sclerosis, or the loss of limbs.
The illnesses covered, and illnesses excluded from cover, vary widely between insurers, so it’s vital that you take Our Advise(link to enquiries) before buying a policy and carefully check the policy documentation. Pre-existing conditions tend to be excluded, but some insurers will base cover on your personal medical history.
HOW MUCH DOES CRITICAL ILLNESS COVER COST?
Some critical illness cover policies let you choose between guaranteed and reviewable premiums. Policies with guaranteed premiums tend to be more expensive, but payments remain the same throughout the life of the policy. This means guaranteed policies can prove cheaper in the long run.
WHY MIGHT I NEED CRITICAL ILLNESS COVER?
Many people buy life insurance to leave a payout for their family if they die. However, within a given timescale, you’re much more likely to develop a critical illness than to die.
A critical illness policy could be used to pay for medical treatment, cover adaptations to your home (such as mobility aids, special equipment, or structural changes required due to a disability), or to pay off your mortgage. In fact, it can be used for anything.
What critical illness coverage doesn’t do is produce a regular income. If you were unable to work due to a critical illness, a good income protection policy would cover your ongoing expenditure. We will be able to find you the best balance of income protection, life insurance, and critical illness coverage to meet your individual needs.
GUARANTEE PREMIUMS
REVIEWABLE PREMIUMS
Reviewable premiums tend to be much lower at the outset, but prices are likely to rise in the future. This means cover may become unaffordable as you get older, just as the likelihood of falling ill increases. Reviewable critical illness cover policy providers usually review premiums every five or 10 years. Changes in your health or personal circumstances do not lead to premium increases, but advances in medical technology can lead to higher premiums.
GET A QUOTE
It’s easy to get a quote for our life insurance products online. Just choose the type of life insurance that suits you, decide how much coverage you need and you can get an immediate decision today.
Choose a product and get a life insurance quote!
REQUEST A CALL BACK
Not sure where to start or what type of life insurance is right for you? Our Help Me Decide section provides a range of tools and information to give you the help you need.
Help me decide!