Criticle Illness Cover
Critical illness insurance, also referred to as critical illness cover, is a long-term insurance policy that will offer you a tax-free ‘lump sum’ – a one-off payment. This policy pays out a lump sum if you die or suffer a serious illness, such as cancer. So, if you were to become seriously ill, and you think this would have an impact on your family financially, a critical illness policy may be for you. It is important when taking out protection to check which conditions are actually covered, as not all companies offer the same policies. At QuoteMeLess it is our job to find you the right cover for the right price by using our panel of insurance brokers.
Around 92 per cent of all claims are paid out. For those that are not, it may be that the condition suffered is not covered by the policy. In the past many claims would have been rejected if the condition diagnosed was not severe enough, although good deals now include few pay-outs. Only a small amount of claims are rejected because the policyholder fails to tell the insurer important information at the time of buying their life cover – such as an existing illness or a lifestyle choice that carries risks, such as lifestyle (smoking).
Benefits of Critical Illness Cover
Taking out protection could help take all the stress and financial worries away from a serious illness. These are a few of the benefits:
- A cash lump sum
- Includes children’s cover
- Premiums are guaranteed
What does it cover?
This policy will pay out if you get one of the specific medical conditions or injuries listed on the policy, but not all conditions are covered. The policy will also specify how serious the condition must be. Examples of a few serious illnesses are:
- Heart Attack
- Certain Types and Stages Of Cancer
- Conditions such as multiple sclerosi
Most policies will also pay out if you are permanently disabled as a result of injury or being ill, it only pays out once and then the policy ends.
This policy does not cover?
Very few serious illnesses might not be covered, for example, some cancers and ‘chronic’ or long-lasting conditions that could mean you can’t work might not be covered.
Health problems you knew you had before you took out the policy are also very unlikely to be covered. Unless you have a combined life Insurance with critical illness policy this type of insurance does not pay out if you die.
There are loads of different types of insurance policies available, so we strongly recommend you know what is covered.
Is critical illness cover good value for money?
This policy will only pay out if you are diagnosed with one of the illnesses specified in the policy. This type of policy will not cover you if you can’t work due to any other illness and this is more likely to happen.
This type of protection is known to be expensive over the long term, especially if linked to a 25-year mortgage. Before you commit and buy you need to be sure you can keep up the payments over the long term.
However, successful claims for people with no other way of supporting themselves can make a big difference in keeping them going financially, just when they need it most.
To receive your quotes, simply click the button below and fill out all of your details. Once you have completed all of the fields, our award winning insurance brokers will search the whole of the market and contact you with best critical illness cover that suits you. To speak with one of our advisors simply call 03333 442420 or receive a quote now.