Critical Illness Cover

Nobody knows what’s around the corner health-wise. When you’ve got children and a mortgage to think about, it pays to consider what would happen if you suddenly couldn’t work.

What is Critical Illness Cover?

Critical illness insurance is a policy that pays out a lump sum if you’re diagnosed with a specified critical illness. This payout can help cover various expenses such as mortgage payments, medical bills, and daily living costs.

Beyond the 38% who purchase policies out of caution, many step forward when they embrace parenthood, keen to secure their child’s prospects.
Others are prompted by the need to safeguard their household’s financial stability, especially when securing a mortgage.

How Does a Critical Illness Policy Work?

Life insurance and critical illness cover often get mixed up, but unlike life insurance which pays out upon death, critical illness insurance supports you during your lifetime.

Monthly expenses such as mortgage, loans, or credit card depts.
Lost income while you’re unable to work and undergoing treatment.
Additional health-related costs such as childcare and transport.

50%

of people in the UK will develop some form of cancer during their lifetime.

1.4 million

Near 1.4 million Brits around today have survived a heart attack.

1.3 million

There are over 1.3 million stroke survivors in the UK.

The point?

Life is unpredictable, and while we all hope for the best, it’s essential to prepare for the unexpected. Critical illness insurance provides financial protection if you’re diagnosed with a serious health condition, allowing you to focus on recovery without worrying about your finances.

Is Critical Illness Insurance Worth It?

Critical illness insurance offers several advantages:

Financial Security: Provides a lump sum payment to cover essential expenses and maintain your family’s living standards.
Flexible Coverage Options: Choose the amount and length of cover that suits your needs.
Child Coverage: Some policies include coverage for children diagnosed with a critical illness.
Peace of Mind: So you can focus on your health without financial worries.

Critical illness insurance is particularly beneficial for those with significant financial commitments or who want to guarantee their family’s financial stability in case of a severe health issue.

How Much Critical Illness Cover Do I Need?

When it comes to answering that key question: How much is critical illness cover? Several factors come into consideration:

Age and Health: As expected, younger, healthier individuals typically pay lower premiums.
Coverage Amount and Term Length: Higher coverage amounts, and longer terms result in higher premiums.
Lifestyle Choices: Habits like smoking or high-risk hobbies can increase your premiums.
Policy Features: Additional features like child coverage or enhanced benefits can affect the cost.

Since you’ll need to pay your premiums for life (or until you reach an advanced age), it’s important to consider if you’ll be able to afford these payments after you retire.

Common Questions About Critical Illness Cover

What is critical illness cover?

Critical illness cover is an insurance policy that pays out a lump sum if you’re diagnosed with a specified serious illness.

Do I need critical illness cover?

If you have significant financial commitments and would struggle to cover expenses if you were unable to work due to a serious illness, critical illness cover can provide valuable financial security.

How much critical illness cover do I need?

The amount of cover you need depends on your financial obligations, such as your mortgage, loans, and living expenses. It’s advisable to speak with a financial adviser to determine the right amount for your situation.

What critical illnesses are covered?

Coverage typically includes conditions like cancer, heart attack, stroke, and other severe illnesses. The exact illnesses covered can vary by policy, so it’s important to check the details with your provider.

Is critical illness cover worth it?

For many, the peace of mind and financial security that critical illness cover provides make it a worthwhile investment. It ensures you can focus on your recovery without the added stress of financial worries.

Next Steps

Feeling uncertain about the options in front of you?

Here’s how we can assist you:

Get Your Personalised Quote: Share a few details, and we’ll tailor a quote specifically for your needs – cost free, no strings attached.
Consult with Our Experts: Our approachable advisers are ready to walk you through your options, answer your questions, and help you feel confident in your choices.
Policy Reviews: We offer regular reviews to make sure your policy remains aligned with your current circumstances.

Out of all those who have taken out various types of life insurance, the highest percentage (36%) did so through brokers like us – saving them invaluable time and money.

Click the button below and we’ll connect you with one of our insurance brokers who work with you and make sure you end up with the best policy for you.

Is Critical Illness Insurance Worth It?​

How Much Critical Illness Cover Do I Need?​

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Is Critical Illness Insurance Worth It?

How Much Critical Illness Cover Do I Need?