Find out how much your critical illness cover could cost in just 30 seconds
When it comes to life insurance, one of the most common reasons people put it off is because they’re worried about the costs.
We have created a calculator for critical illness cover (one of the most popular types of life insurance) which means that you’ll be able to calculate the costs of your cover in as little as 30 seconds!
Let’s get straight into it
No beating around the bush - let’s talk about the calculator.
All you need to do is pop your age in and the amount you think you’d like to be covered for and then just like that, our calculator will tell you your estimated monthly premium amount for a critical illness policy.
What is critical illness cover?
Critical illness cover is one of the most popular types of life insurance and for good reason too…
Your policy would cover you for a long list of illnesses, so if you were diagnosed with one of the illnesses you’re covered for, then your policy would pay-out a tax free cash lump sum.
What is the cost of critical illness cover?
There is no one size fits all for critical illness cover which is reason number one why we created our calculator.
The cost of your cover will depend on a variety of factors. The main factors that can have the biggest impact on the price of your policy are your age and the amount you’re covered for (your sum assured). A few other elements that will be considered are your:
- Family medical history
- Occupation
- Smoker status
- General lifestyle choices
- Hobbies
- BMI
- Health
How does critical illness insurance work?
Like any other type of life insurance, each month you’ll pay a monthly premium to your chosen life insurance provider (we work with the UK’s leading insurers).
In return, you’ll be covered for a defined list of critical illnesses, so if you were to sadly be diagnosed with one of these illnesses, you could receive your critical illness payout in the form of a tax free lump sum.
The money is then yours. You can choose what you do with it or who you give it to!
Is critical illness insurance worth it?
Without a doubt! Critical illness cover doesn’t just help your loved ones, it can help you too.
Unlike other types of life insurance, like level life insurance, the pay-out from a critical illness policy can be used by yourself (as well as your loved ones).
The money from this policy can be used for anything from contributing towards household bills to a dream holiday getaway. Here are some of the other ways that you could use the pay-out from your critical illness policy:
- Pay for the essentials. Post diagnosis, you’ll likely need to take a bit of time off work, and if you’re the main breadwinner of the household, you and your loved ones could end up struggling without the regular income. Depending on your level of cover, the money could keep you going for a while.
- Changes to your lifestyle. If you were to sadly be diagnosed with a critical illness, you’ll likely have to make a few adjustments to the way you live. The lump sum from your critical illness cover, could help fund these modifications.
- Help pay your mortgage. If you have a mortgage, it’s probably the biggest debt you’ll ever have in your life. The lump sum you’d receive from your critical illness cover could help pay towards your mortgage, if this is what you wanted to use the pay-out for.
- A nest egg for your loved ones. The pay-out from your critical illness policy could be left to your family. This is a great idea if you have children, as the money you leave them, could come in handy for them later down the line.
What does critical illness insurance cover you for?
A critical illness insurance policy is a type of long term life insurance policy which can cover you for a list of defined critical illnesses.
These illnesses can range all the way from different types of cancer to multiple sclerosis. What is classed as a critical illness will vary from provider to provider but some of the main illnesses that are covered as standard under a critical illness policy are:
- Stroke
- Organ failure
- Loss of limbs
- Heart attack
- Loss of sight
- Parkinson’s disease
- Alzheimer’s
- Organ failure
Do you need critical illness cover?
We cannot stress enough how much this type of cover could be a game changer if times ever get tough for you and your loved ones.
The pay-out from your critical illness policy has so many different uses and at the end of the day, the money would be yours to do what you want with.
Plus, the peace of mind that this policy can bring you is worth every penny you’ll pay in monthly premiums over the duration of your policy.
Can you combine a critical illness and life insurance policy?
Yes! And it’s really common too. With a combination of these two policies, you’ll get the best of both worlds. With your combined life insurance and critical illness cover, you would be covered for both critical illness and death.
Although your policy would cover you for both of these outcomes, how it tends to work is once you have claimed on one element of your policy, the other part of your cover will no longer be active.
How long does a critical illness claim take?
If you were to sadly be diagnosed with a critical illness, you’ll need to make a claim on your policy.
A critical illness claim can take anywhere between a couple of weeks to a couple of months. It’s all relative to your individual circumstances and it depends on how clear your diagnosis is and if your medical records are readily available.
But don’t worry, we’re here to help you with making a claim on your cover. We have our own dedicated claims team, who can not only help you with navigating the claims process but we can liaise between you and your insurer, making sure most of the hard work is done for you.
Still not sure?
If you’ve made it this far and you’re still not sold on the idea of critical illness cover, why not give our critical illness calculator a whirl?
Calculate your costs in just 30 seconds, depending on your age and amount of cover. Try it out now by clicking the button below!
Why choose us?
At Caspian Insurance, customer service is so important to us and we pride ourselves on the way we do things.
Not only do we like to educate our customers on the importance of life insurance but we also help you take out cover and our customer care team will continue to support you throughout the duration of your policy.
We always have our customers at the forefront of everything we do, which is why we are rated excellent Trustpilot. To find out more about what our customers have to say about us, click here!
