What is critical illness insurance?
Critical illness cover pays out a tax-free lump sum if you’re diagnosed with an insured medical condition during the term of your policy. It’s not the same as life insurance, which pays money to a person or people you name if you pass away.
Do I take out critical illness cover separately to life insurance?
Critical illness cover can offer valuable financial support if you fall ill and are forced to stop working. For example, a critical illness insurance policy payout can be helpful for:
- Mortgage payments
- Lost earnings
- Household bills
- Private medical treatment
Critical illness cover is often added as an extra you can add to a life insurance policy, some policies often include Critical Illness Cover as standard. Our advisers can help you decide if Critical Illness Insurance is right for you or help you add it to your existing life insurance policy.
What does critical illness insurance cover?
The specific conditions covered by a critical illness policy will depend on your insurer and the type of cover you take out, but you can generally expect the same core conditions to be included – such as:
- Heart attacks
- Some types of cancer
Some critical illness policies might cover certain types of conditions, or conditions at a certain level of seriousness – for example, different types or stages of cancer. You should check for sure if other conditions are covered, some critical illness policies do not cover the following:
- Organ failures
- Organ transplants
- Permanent disabilities resulting from an illness or injury
- Traumatic head injuries
The more comprehensive critical illness policies available often cover around 40 to 50 conditions listed on their policy documents – it’s always important to read these before taking cover out.
What you need to get a quote
In order for us to get the best possible quote, we’ll need to know more about you. The type of things we will ask include:
Information about your health
Insurers will need details about you and your family’s health and medical history, including pre-existing medical conditions.
Information about your lifestyle
Insurers will also ask about your lifestyle habits, including whether you smoke and drink.
Your age and occupation
The younger you are when you take out a policy, the cheaper it’s likely to be. Your occupation can also affect how much you pay.
Your partner’s details
If you want joint cover, you’ll need to have your partner’s health and lifestyle details to hand, as well as their occupation.