Cover for when you most need it
Expert Insurance Advice
Critical Illness Cover
Critical Illness Cover is helping you to face the future with confidence should the worst happen.
What is Critical Illness Cover?
Critical Illness cover is a type of insurance, most often an add-on to the life insurance policy, that pays out a lump sum when you are diagnosed with one of the conditions covered by the plan. The tax-free one-off payment can be used for any purpose, like paying for treatment, making changes to your home to accommodate your illness, paying off any loans or other costs that can arise from your illness.
What illnesses does it cover?
The ranges of illnesses covered by the policy can vary depending on the insurance provider but all critical illness plans cover
- Most of the cancers (less advanced cases)
- Heart attack – of specific severity
- Stroke – resulting in permanent symptoms
Many other conditions are often covered including:
- Coronary heart diseases requiring surgery
- Major organ transplant
- Kidney or liver failure
- Loss of limbs
- Motor neuron disease
- Accident hospitalisation
- Loss of independent existence
- Children’s critical illness cover (child-specific conditions)
Benefits of Critical Illness Cover
- Wide range of conditions covered
- Additional benefits – some policies include fracture or hospitalisation cover.
- Back to work payment – with selected policies, clients with deferred payment can claim in their first and second months back at work to help with the financial impact of returning
- Minimum benefit amount – most policied will pay a minimum benefit amount, typically £1,500
- Additional payment on death – some policies will have the additional benefit of lump sum payment in case of the death of the policyholder. This is separate from the life policy and is limited and described in the policy.
Typical uses of critical illness cover?
Critical illness cover is typically used for:
- The provision of long-term care, either hospital or at home
- Changes to the house to accommodate the illness, like creating wheelchair access, updating the bathroom or adding a stairlift
- The purchase of specific medical equipment, such as a kidney dialysis machine
- Paying off debts
- Improving the quality of life of a critically ill person
The payment is guaranteed for the covered illness and the insured person does not need to pay back the lump sum if they have survived the illness.
Is it a time to talk about a critical illness cover that you can afford and would suit your needs in case of the unthinkable?
Heart Disease and Stroke Statistics, 2017 Update: A Report from the American Heart Association.
State of the Nation Stroke statistics, February 2018.
Cancer Research UK, 2017.