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Critical Illness Insurance

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Critical illness cover, also known as critical illness insurance, can provide a long-term policy if you were to contract a defined serious illness. It can provide a tax-free, one-off payment, helping you and your family to cope financially if you can no longer earn a living. Taking out critical illness cover can provide you with a back-up plan if you find yourself in the worst-case scenario.

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.

Are you worried about being unable to work due to an illness or disability?

If you are faced with a critical illness, your first thought might be for your family. How will they cope with the bills or daily expenses if you are unable to work? It is important to know that there is help at hand, through critical illness cover. This can give you a little more peace of mind that while you are critically ill, your family will not struggle financially.

If you are worried and want to find out more about critical illness cover, our UK advisors are on hand to answer your questions and guide you on the best policy for your needs.

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 or have to undergo surgery. It is important to note that the illness or surgery type has to meet a policy definition.

Critical illness insurance will help to support you and your family while you deal with your diagnosis, treatment and recovery, without having to worry about how to pay the bills. It can help you to pay for medical treatment or the household bills, depending on your needs.

What does critical illness cover do?

Critical illness insurance will cover a number of different predetermined conditions, which will be set out in your policy. It is important to note that not all conditions are covered, and the policy will likely also state how serious the condition must be in order to be eligible for a pay-out.

Critical illness insurance can cover a number of conditions, such as stroke, heart attack, certain stages of cancer and multiple sclerosis. What is covered and what is not will be set out in the policy, so it is important to make sure the policy will cover your needs.

Your policy might also have a minimum or maximum term, and there may be other terms and conditions before the policy will pay out.

Do I need critical illness cover?

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

You should consider critical illness cover if you do not have enough savings or spare money to see you through the period of not working. Likewise, if you do not have an employee benefits package to cover you for a long time off work, critical illness cover could help to lighten the financial burden.

If your partner would struggle to cover living costs or pay the mortgage without your income in the event of you falling ill, critical illness cover can be a huge help.

It is important to check if you already have some form of financial protection in place, to avoid paying twice for the same cover.

Does life insurance cover critical illness?

Life insurance and critical illness cover are not the same thing. Life insurance will generally only pay out if you die during the term of your policy, while critical illness cover will pay out if you are diagnosed with a named condition on the policy.

You are sometimes able to buy critical illness cover alongside life insurance, but it is important to note that there is normally just one pay-out.

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

Both critical illness cover and income protection insurance are good ideas if you need financial help, should you fall ill and cannot work. However, they are not the same thing. The two types of cover differ by how you benefit from the pay-out.

Critical illness cover will pay out in one lump sum when you claim on the policy. On the other hand, income protection insurance will pay out in monthly instalments. What’s more, the amount you receive from income protection insurance is linked to your salary, and will protect you against day-to-day illnesses and health reasons that leave you unable to work.

Critical illness cover is designed for more serious and potentially life-threatening conditions.

If you are not sure which cover is best for your needs, our expert team can offer guidance and advice on the different types of cover.

What illnesses does critical illness cover?

Critical illness insurance can cover a multitude of illnesses and conditions, but not all of them. Often there is a list included in the policy, and it is important to familiarise yourself with this and make sure the cover is right for you.

Different providers may cover different illnesses. It is also important to note that only certain stages of illnesses are covered too. Generally, critical illness insurance will cover illnesses such as some types of cancer, strokes, heart attacks and major organ transplant, but you must check with your provider if you are not sure.

Note that critical illness and terminal illness are different. If you become terminally ill and are given a short time to live, your standard life insurance policy should pay out.

Can you get critical illness cover on its own?

You can take out standalone critical illness cover, but it is often bought with life insurance. However, critical illness cover on its own is generally more affordable. It is your choice whether you want to take out critical illness cover on its own, or as part of your life insurance cover.

At Caspian Insurance, we can advise on the best insurance cover to suit your needs and help save you time and money while providing a tailored policy.

 

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 0161 241 6146 and one of our friendly and knowledgeable advisors will be able to help.

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