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    What Is Critical Illness Cover and Do I Need It?

    What is Critical Illness Cover & Why Should I Consider It?

    Critical illness cover is an insurance policy that provides financial support in the form of a lump sum, or monthly benefit, after someone has been diagnosed with a serious illness. The illness must be listed in your policy for the beneficiary to receive the sum, and allows you to support you and your family without worrying about finances or rushing back to work while convalescing from a serious illness.

    The main difference between critical illness and life insurance is that critical illness pays out on diagnosis of a serious illness (the main ones being cancer, heart attack and stroke but with many more conditions usually included) and not just on death like life cover would. This means that the benefit is more likely to payout during the term of the cover as thankfully many more people are now surviving after suffering critical illnesses.

    We understand how difficult this time can be, especially if you have people who depend on your income. Critical illness cover can benefit everyone, keeping the bills paid and the mortgage payments met in the event of an illness.

    How Does It Work?

    When you’re taking out critical illness cover you’ll pay a monthly premium for a suitable amount of financial protection in the event of diagnosis of a serious illness. The amount you pay will depend on how long you want the cover for and how much payout you’d like to receive. Some insurance providers charge more for policies that cover more illnesses or have additional benefits in the event of a diagnosis.

    Once you’re diagnosed with a serious illness that’s covered by your policy, you will receive a lump sum that can be used to cover an outstanding balance of debt, typically a mortgage.

    Getting professional advice is therefore essential to ensure you have the correct amount and type of critical illness cover for your needs. Please get in touch for more information.

    Do I Need Critical Illness Cover?

    Critical illness cover is designed to offer financial support to a wide range of people, therefore everyone could benefit from this type of protection. Should you become seriously ill, you and those dependent on you, will be supported with a financial sum and won’t have to concern themselves with mortgage repayments and paying for everyday living expenses and commitments.

    You should seriously consider investing in critical illness cover if you are a parent with young children, have people who rely on you for your income, and if your job won’t cover long-term sickness pay. Those with little savings can also benefit from critical illness cover, as there will be something to fall back on if you become unable to work.

    How Much Cover Do You Need?

    The extent of critical illness cover you may need is all dependant on your unique circumstances. Those with young children may want additional funds to support their family in the event of a serious illness, whereas those with no children might choose a smaller pay-out.

    People with significant amounts of debt, such as a mortgage or other kinds of loans, may also need more extensive critical illness cover. This policy ensures these payments are covered and can help pay off your debt altogether.

    If you’re looking to cover all angles, you can usually choose life insurance and critical illness cover in the same policy. Protecting you and your loved ones in the event of your death and/or a serious illness diagnosis.

    Of course the choice is completely yours, however you would be wise to take expert advice when deciding on what is the right cover for you and your family. Critical illness policies can be very technical and complicated contracts as different providers cover different amounts of illnesses and different definitions of illnesses.

    Please call us today for more information.

    Did You Know?

    In the UK, one in five men dies before reaching the age of 65, with cancer as the biggest single cause of death. In fact, 28% of deaths across the UK are due to some form of cancer, and 1 in 2 people are likely to develop some form of cancer in their lifetime.

    Heart and other circulatory diseases account for a quarter of all UK deaths, with the numbers sadly rising for those younger than 75.

    As with all insurance policies, conditions and exclusions will apply

    Why Critical Illness

    This video made by Aviva explains why critical illness is so important. We arrange critical illness from a number of different insurers, not just Aviva. As with all insurance policies, terms and conditions as well as exclusions may apply

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