Critical Illness Cover

By investing in critical illness cover, you can minimise the financial impact on your loved ones if you can no longer work to pay the bills.

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What is critical illness cover?


Critical illness cover is a type of life insurance that will pay out a tax-free lump sum if you are diagnosed with a critical illness from a defined list included your policy. 

A critical illness policy can help support you and your loved ones whilst you cope with your diagnosis and treatment, without having to worry about how to pay the bills. The lump sum you would receive from this policy can help you to pay for medical treatment or contribute towards your household bills, depending on your needs.

What does critical illness cover do?

This type of policy covers a number of different predetermined conditions, which will be detailed within your policy conditions. It is worth noting that not all conditions are covered, and your policy details typically state the severity that your condition must be in order to be eligible for a pay-out.

Critical illness cover can pay-out for a number of major health conditions, such as stroke, heart attack, cancer and multiple sclerosis. What is covered and what is not will be set out in your cover details, so it is crucial to ensure that your policy covers your needs and current circumstances accurately.

Do I need this type of policy?

Critical illness cover can help to replace your income, should you suddenly become critically ill or disabled. However, everyone’s circumstances are different and some may benefit from this type of cover more than others.

You should consider a critical illness policy if you do not have sufficient savings or disposable income to see you through a lengthy period of not working. For example, if you are self-employed, you may miss out of some of the benefits that traditional employment offers, such as sick pay. The cash injection you would receive from a critical illness policy would ensure that you would not struggle if you were to become diagnosed with a critical illness policy. 

As well as financially protecting you, a critical illness policy could also protect your partner. If your partner would struggle to afford living costs or pay for the essentials without your income in the event of you becoming critically ill, this policy would ensure that they are financially supported should the worst happen. 

Does life insurance include critical illness?

Life insurance and critical illness cover are completely different policies. Life insurance pays out a lump sum if you die during the term length of your policy, whilst critical illness cover will pay out if you are diagnosed with a defined condition detailed within your policy schedule.

Dependant on your specific circumstances, our protection specialists will often recommend a combined life with critical illness policy, this means that you are financially protected in the event of you becoming critically ill or dying - whichever comes first. 

What is the difference between critical illness cover and income protection?

If it is within your affordability then both of these policies are essential if you do not have a financial safety net. However, they are both very different policies. Income protection and critical illness cover both differ in how you qualify for pay-outs and also the way they pay out too. 

When you claim on critical illness insurance, this policy will pay out a lump sum when you make a claim. This lump sum provides a cash injection to ensure both you and your loved ones are able to financially stay afloat when going through a difficult time. 

On the other hand, income protection insurance pays you monthly payments which equate to a set percentage of your income. This policy will financially protect you in the case of you becoming seriously ill or injured and unable to work as a result. The monthly payments that you would receive from this policy will act as a helping hand to ensure you are able to afford your day-to-day essentials and pay your bills. 

If you are unsure which policy is best for you, our team of protection specialists are on hand to provide tailored advice on which policy is best suited to your circumstances. 

What is defined as a critical illness?

A critical illness policy will financially protect you against multiple illnesses and conditions, but not all of them. The illnesses that you're protected against will be detailed within your policy schedule and your protection  specialist will always advise for you to read through these details when you initially arrange your policy. 

The illnesses that your policy protects you against will differ from provider to provider, with some industry leading provider's even offering enhanced versions of the policy. It is also worth noting that only certain stages of illnesses are covered too.

As a general rule of thumb, critical illness insurance will protect you against major illnesses such as cancer, stroke, heart attacks and organ transplant. If you are ever unsure about the details of your cover, you can always query it with us at Caspian or with your provider. 

Can you get this policy as a standalone product?

You can take out standalone critical illness cover, but it is often combined with a life insurance policy. At Caspian, our team of protection specialists will advise you on what they have determined is best for your current circumstances, however, we will always provide you with options based on your current affordability and the final choice is always yours to make. 

Please note that the descriptions above do not constitute as financial advice and may change dependent on individual circumstances and budgetary requirements.

For quick and easy quotes, please get in touch on 0800 015 1338 and one of our protection specialists will go through a health and lifestyle questionnaire with you in order to evaluate which policy is right for you and your circumstances. 

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** Premiums and payout based on a healthy non-smoker who is an office worker and doesn't have a hazardous lifestyle up to the age of 65. The premium shown is based on Aviva's Income Protection + Plan and is subject to a full underwriting process. Prices are correct as of January 2022.

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This calculator is for informative purposes only and is not to be taken as financial advice, for accurate financial advice please consult with an advisor from Caspian Insurance.