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Critical Illness
Cover

What is Critical Illness Cover ?

A critical illness policy pays out a tax-free lump sum if you’re diagnosed with a critical illness condition. 
This type of policy covers you for illnesses such as heart attack, cancer, stroke, multiple sclerosis, and many others, some of which are the most diagnosed medical conditions. 

The list of conditions covered can vary with each insurer which is why we aim to choose ones with the most comprehensive list and definitions. 

Most insurers also include critical illness cover for children which you can add for a small cost to your cover. 

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What is Serious Illness Cover ?

This differs from critical illness as it the insurer will pay a lump sum based on the severity of the condition based on the insurer’s definition. 

Do I need Critical Illness Cover?


 

Being diagnosed with an illness can have a long-term impact on your health, family and finances. During this time, the last thing you want to worry about is how you’re going to keep up with mortgage payments and bills if you were unable to work whilst you are being treated and recovering. It can also cover you if you had to take time off work to look after your child suffers from a long term illness. 

This type of policy can be useful for everyone because good health is never guaranteed throughout life, and with long term illnesses such as cancer on the rise, a lump sum pay-out can:

 

  • Partially or full pay off your mortgage or any debts

  • Help cover the costs of living during your treatment and recovery

  • Provide financial support in the event of a child being diagnosed with an illness

  • Contribute towards or cover the costs of any private treatment

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How much does it cost ?


 

The cost of critical Illness cover depends on the following factors:
 

  • Your age at enquiry

  • Your smoker status

  • Your lifestyle 

  • Your lifestyle 

  • Your health

  • Amount of cover you are looking for

  • Type of cover

  • Term of cover 

Our advisers will recommend the best product on the whole of market (we use all the lenders) for you based on your individual needs and circumstances. 

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Do I need to put my policy into Trust?

Similar to a Will, a Trust is a legal document issued by the insurer which ensures that in the event of your terminal illness or death within the policy, the proceeds are paid to your trustees to distribute accordingly to your beneficiaries. 

This falls outside of your estate and can help mitigate inheritance tax liabilities, as well as going into probate. This only applies if you have a life cover policy, or a life with critical illness policy. 

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Maya was a single mother raising two children who were in high school. She was a teacher by profession. She had a repayment mortgage of £120,000 and credit card loans totalling £5,000. She was diagnosed with breast cancer at the age of 43 and had to take time off work for treatment, in total for 1 year.

During this time, she had made a critical illness claim on her policy of £200,000. She used this to pay off her mortgage and credit card loans entirely and used the surplus to cover the cost of living whilst she was in treatment and recovery to focus on her health and wellbeing.  

Critical Illness
Real Life Example

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Things to Consider


 

  • Critical illness cover can be taken out with life cover. The benefit of this is that it will either pay on terminal illness, death, or on critical illness depending on what is claimed on first during the policy term.

 

  • Each insurer has its own set of “critical illness definitions”. This is a guideline for what they will consider paying out on a claim. We will use the latest tools to ensure we recommend the most comprehensive cover with the best definitions. 

 

  • Most insurers will have options which you can include on your plan such as children’s critical illness for a small additional premium. This will provide a lump sum on the diagnosis of a children’s critical illness meeting the insurers definitions. 

How it Works

 
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A chance to meet the team to discuss your financial needs and goals

We carry out full market analysis to get you the best terms available

We will present the most suitable course of action to meet your objectives

We apply for your covers to ensure you are fully protected

We regularly review your cover to ensure it is still competitive

Meeting

Research

Recommendations

Implementation

Reviews

 
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Other Types of Cover Available

Whole of Life Cover
Mortgage Protection

Why Use Us?

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Quotes
We provide free bespoke non-obligation quotes

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Whole of Market
We use all the providers in the market

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Unbiased
We give independent and unbiased advice

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Trust
We put your policy in trust
for free

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Speak to one of our Critical Illness Cover specialists

Leave your details below and one of our advisers will be in touch to discuss your critical illness policy requirements.

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