CRITICAL ILLNESS INSURANCE

Critical Illness Insurance will pay out a large tax-free lump sum if you are diagnosed as having a specified critical illness during the term of the policy.

There is a wide range of illnesses covered and this will vary by policy so it always pays to check exactly what these are before considering any particular policy. Policies typically cover illnesses such as heart disease, strokes, cancer and multiple sclerosis.

You can decide how long you want the policy to be for and how much you want the potential payout to be, but you may find that some restrictions may be applied.

Any pre-existing conditions will be excluded from the critical illness cover you get.

This type of insurance is designed to ensure that your partner and family will be provided for financially should you be struck down with a critical illness, which will put a stop to your ability to work. It can therefore help protect your mortgage payments. A payout may also help towards the cost of treatment and other expenses, which may arise as a result of your illness.

Usually you will have to survive for 28 days after you have been diagnosed as having a critical illness before the policy will pay out. The policy will only pay out if the illness is diagnosed during the term of the policy.

When the policy ends cover lapses and nothing will be paid out if you are diagnosed later. There is no surrender value during or at the end of the policy. Critical illness cover can be arranged on a single or joint life basis.

The cost of this type of cover can seem expensive especially when compared with life insurance. The reason for this is that current statistics show that you are now much more likely to be suffer a critical illness than die before your reach the age of sixty. Medical science has advanced so much that you are now much more likely to survive a critical illness.

Critical illness health insurance in the UK should not be confused with medical insurance plans, which are available to cover the cost of medical treatment.

It is also possible to get combined life insurance and critical illness insurance policies, which may be cheaper than getting both policies individually.

If you think you need this type of cover and want a quote then just give us a call.