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Critical illness cover is not a necessity, but it can provide peace of mind and financial security if you are diagnosed with a serious illness.
The illnesses that are covered vary from policy to policy, but typically include cancer, heart attack, stroke, and loss of limbs.
The lump sum payout from critical illness cover can be used to help with a variety of expenses, such as:
- Paying for medical treatment
- Making home modifications to accommodate your disability
- Covering lost income
- Providing financial support for your family
- Critical illness cover is not a necessity, but it can provide peace of mind and financial security if you are diagnosed with a serious illness.
Here are some of the things to consider when taking out critical illness cover:
- The illnesses that are covered
- The amount of the lump sum payout
- The length of the policy term
- The premiums
It is important to compare different policies before you take out cover to make sure you get the right deal for your needs.
What is critical illness cover?
- Critical illness cover offers a tax-free lump sum payment if you are diagnosed with a specific illness or medical condition.
- It’s typically paid out to help with a range of serious illnesses, such as cancer, heart attack, and stroke, as well as other conditions such as multiple sclerosis and organ failure.
- The exact illnesses covered may vary depending on the specific policy, so it’s important to read the policy documents carefully.
- It can be purchased as a standalone policy or as an add-on to a life insurance policy.
- The lump sum payment provided can be used in any way you choose, such as paying for medical bills, covering living expenses while you are unable to work, or making modifications to your home to accommodate your condition.
- The cost depends on a range of factors, including your age, health, lifestyle, and the amount of coverage you require.
- If you are considering purchasing this type of financial product, it’s important to get a tailored recommendation for you and your circumstances
- It’s also important to carefully review the policy documents and ensure that the policy meets your specific needs, as policies may vary in terms of the illnesses covered, exclusions, and limitations.
What illnesses are covered by critical illness cover?
- Critical illness cover typically covers serious illnesses and medical conditions that can have a significant impact on your life, ability to work, and wellbeing.
- Common conditions covered include cancer, heart attack, stroke, and multiple sclerosis.
- Other conditions that may be covered include organ failure, kidney failure, major organ transplant, and Parkinson’s disease.
- Policies may have exclusions and limitations, and it’s important to read the policy documents carefully to understand exactly which illnesses and conditions are covered.
- If you have any questions about the illnesses and conditions covered by a specific policy, it’s important to speak with your advisor or the insurance provider.
How much critical illness cover do I need?
- The amount you need depends on your individual circumstances, such as your age, lifestyle, and financial obligations.
- Consider how much you would need to cover any medical expenses, lost income, or other costs associated with your illness.
- It’s also important to consider any outstanding debts or financial commitments you have, such as a mortgage or loans, and how much you would need to pay these off if you were unable to work.
- You may also want to consider how much you would need to cover any modifications to your home or lifestyle that may be necessary due to your illness.
- Speak with one of our advisors to get an idea of how much coverage you may need based on your individual circumstances.
- It’s generally recommended to aim for coverage that is at least equal to your annual income, but again, this will depend on your specific situation.
- Keep in mind that the cost of your policy will increase with the amount of coverage you require, so it’s important to balance your coverage needs with what you can afford.
How long does critical illness cover last?
Critical illness cover policies can vary in length, depending on the provider and the policy you choose.
- Some policies may provide coverage for a set period of time, such as 10 or 20 years.
- Other policies may provide coverage until a specific age, such as 65 or 70.
It’s important to read the policy documents carefully to understand the length of coverage provided by a specific policy.
Keep in mind that the longer the policy length, the more expensive the premiums may be.
You may also have the option to renew your policy when it expires, but the cost of premiums may increase with age and changes to your health status.
Consider your individual circumstances and financial goals when choosing the length of your critical illness cover policy.
How much does critical illness cover cost?
The cost of critical illness cover can vary depending on your age, health status, occupation, and lifestyle.
Generally, the younger and healthier you are, the lower your premiums will be.
Other things affecting the cost might include:
- The amount of coverage you require
- The length of the policy
- The cost of critical illness cover may also vary depending on the provider you choose and the specific policy you select.
It’s important to compare policies from different providers to find the best coverage at a competitive price.
- Keep in mind that the cost of your policy may increase if you have a pre-existing medical condition or engage in activities that are considered high-risk.
Speak with one of our advisors to get an idea of how much critical illness cover may cost based on your individual circumstances.
We’re happy to talk through your options, so get in touch if you’d like to discuss anything to do protection and critical illness cover.
How we can help you
Our passion is helping people feel secure.
When it comes to critical illness cover, we’re here to Understand your needs.
When you get in touch:
- A professional advisor will talk you through your financial situation and your individual needs in order to recommend the right critical illness cover.
- We’ll discuss your income, expenses, and financial goals, as well as your family situation and any other relevant factors.
- Then, we can explain the different types of cover. There are a variety of different critical illness cover policies available, and each one has its own pros and cons.
The expertise of our professional advisors means we’ll explain the different types of policies and help you choose the one that is right for you.
Once you’ve decided what type of cover you want, we can help you compare different policies from different providers.
This will ensure you find the policy that offers the best combination of coverage, benefits, and premiums.
And we’re always on hand to provide ongoing advice.
Critical illness cover is a complex product, and it is important to get regular advice from a professional advisor. So, we’ll be there, to help make sure your policy is still right for you as your circumstances change.
Our most frequently asked questions
If you have any other questions, don’t hesitate to get in touch:
If you make a claim on your critical illness cover, you will typically receive a tax-free lump sum payment. The amount of the lump sum payment will depend on the terms of your policy. The process of making a claim on critical illness cover will vary depending on the insurer, but generally you will need to provide medical evidence to support your claim. Once your claim has been approved, you will receive the lump sum payment within a few weeks.
Yes, you can cancel your critical illness cover. However, you may have to pay a cancellation fee. The cancellation fee will depend on the terms of your policy and how long you have had the policy.
The pros of critical illness cover include:
It can provide financial security if you are diagnosed with a serious illness.
It can give you peace of mind.
It is relatively affordable.
The cons of critical illness cover include:
The premiums can be high if you are older or have a health condition.
You may not be able to claim if you are diagnosed with a pre-existing condition.
The policy may not cover all illnesses.
Ultimately, whether or not critical illness cover is right for you depends on your individual circumstances. If you are considering taking out critical illness cover, it is important to compare different policies and understand the terms and conditions before you make a decision.