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Critical Illness Cover – How it works

What is Critical Illness Cover?

Critical Illness Cover differs from standard life insurance in that it will pay out while you are still alive. Life insurance will only pay out if you pass away or are terminally ill.
Many people become critically ill but do not pass away. But you could be so ill that you were no longer able to work, and without illness insurance your income would be affected and it would impact on your ability to pay your household bills (and your insurance premiums).
Bills do not stop just because you are ill and this is what critical illness cover is for.

If you could not work, could your family still afford to pay your rent/mortgage?

Could they afford to pay the gas, electricity, internet, phone bills?
If the answer is no, then you should really consider critical illness cover. According to The Independent, approximately 25% of adults have no savings at all.
Living month to month is fine if you are in full-time employment and earn enough to cover all your outgoings. But what if illness suddenly strikes and your income is lower or gone altogether?
We cannot know what life holds in store for us but critical illness cover is a way to prepare against the worst happening.

Critical Illness Cover covers you for upwards of 50 serious conditions depending on the insurer. About 80% of claims are for cancer, heart attack and stroke, but other things such as loss of limb, blindness, deafness, multiple sclerosis are also covered.
Unfortunately 1 in 2 of us will get cancer in our lifetime. This can be an incredibly difficult time and could require months or even years to recover from.
Critical Illness Cover can provide a lump sum to allow someone to be able to recover at home without worrying about work and paying the bills.
A full list of conditions covered would be provided upon taking up a policy.

Read more about life insurance

This kind of cover can be invaluable to to someone who is unable to work due to their health and can help cover the costs of ongoing care if someone loses their independence.
Whats more, some insurers will extend the cover to cover your children too. Unfortunately we have all heard of children developing cancers and such illnesses.
In a situation like that a parent may want to take time off work to be with their child and a lump sum payment could make this possible.

The Difference Between Life Insurance and Critical Illness Cover

As mentioned before, life insurance pays out when you die. Critical illness will pay out if you are diagnosed with a specified life changing illness.
Not all illnesses are covered so it is important to know which illnesses are covered and which are not. A comprehensive list would be sent to you upon taking out a policy.

Benefits of Critical Illness Insurance

  • tax-free – the full lump sum applied for would be paid out in full. Nothing goes to the tax man.
  • financial security – will help ensure your family has enough money at at incredibly tough time as well as pay for medical expenses and adapting your home if required
  • cover for your kids – many insurers will extend cover in case your children ever became critically ill to give to that extra peace of mind
  • create some memories – many people who have a critical illness pay out choose to take a dream holiday with their family to create some memories just in case an illness leads to a shortened life expectancy

What considerations are there with Critical Illness Cover?

You should be happy that it is affordable. If you stopped paying the premiums, the policy would lapse and the cover would end.
You must be honest about your current health when applying for the policy as any non disclosures could void a policy.
As mentioned earlier, not all illnesses are covered and each insurer is different regarding what they do and do not cover. You should read the key features document carefully after setting up a policy.

What affects the cost of a Critical Illness Policy?

Several factors determine how much it could cost. Health and lifestyle factors like age, BMI, smoking status and health would all be taken into considerations.
Positive steps can be taken to reduce the cost such as losing weight or stopping smoking.

How do I get Critical Illness Cover?

Our agents will always check whether you want some critical illness cover even if you just enquired about life insurance. Or perhaps you are only interested in the critical illness cover.
Either way simply contact us on02035194420 or if you would rather use our online form, simply just check the critical illness box too so we know it is something you want to discuss.