Critical Illness Insurance

Critical Illness Insurance Cover

Critical illness insurance cover usually pays a one-off lump sum, if you are diagnosed with a qualifying illness covered during the term of the policy.

The types and range of critical illnesses covered vary from company to company, so we recommend you read the key facts document before you apply for your policy.

You can choose both the term of the policy and the level of cover, although some restrictions may apply.

Critical Illness Insurance - Advantages & Disadvantages

Advantages

It will be useful if you would like to protect yourself or your families financially if you are diagnosed with a critical illness.
It is up to you how you spend the money.

Disadvantages

Not all illnesses will be covered under the policy, so compare the key facts document of the providers before you buy.
You are sometimes not covered for pre existing conditions.
Critical illness policies can be expensive.

Critical Illness Insurance Explained

Critical illness insurance pays a lump sum on initial diagnosis of a qualifying illness. You are permitted to keep the money even if you make a full recovery.

It can be built into another life insurance policy on a level term decreasing term (mortgage life insurance), whole of life basis, or as a stand alone policy. Once you have made a claim it is normal that you policy will cease and other benefits will therefore cease.

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Typical Critical Illness Cover

We have produced a typical list of illnesses covered by a critical illness policy to give you a guide as to whether a critical illness policy is right for you. Critical Illness Cover.

Insurance companies will have different definitions of critical illnesses covered within critical illness insurance policies and the number covered can vary from 27 to 40 with the top providers, so we recommend you read the key facts document before you apply for your policy.

Types of Critical Illness Protection Policies

Death or Earlier Critical Illness - pays on either death or critical illness, but not both.

Death and Critical Illness - pays on critical illness and death. Once a claim has been made against an illness, further claims cannot be made.

Additional options and areas for consideration include:

Stand alone Critical Illness: with a stand alone policy in some cases the premiums can be higher than that of a comparable life and critical illness policy quotation.
Waiver of Premium: if illness prevents you from working your monthly premiums are paid on your behalf for after a set deferment period. Check the quotes Key Facts documents for each quotation produced.
Survival Period: most policies require you to survive for a specified period following a critical illness diagnosis, typically 14 days to 3 months. Check the quotes Key Facts documents for each quotation produced.
Permanent Total Disability: if this is not included you will be unable to claim if an illness or accident leaves you unable to work. Also, check the definition of 'permanent total disability'. Some policies define it as being unable to perform any job whilst others define it as being unable to continue in your previous occupation. Check the quotes Key Facts documents for each quotation produced.
Children: some policies will pay out a fixed lump sum should one of your children be diagnosed with a qualifying illness. The terms and conditions of policies vary, check the quotes Key Facts documents for each quotation produced.

The Critical Illness Mortgage Protection

Peace of mind
Mortgage is cleared on diagnosis of a qualifying illness
Protect your family from the event that you are unable to work

Critical Illness Insurance Advice

After looking through the critical illness insurance information, if you would like critical illness advice simply complete our critical illness cover and life insurance enquiry form and we will contact you to discuses your protection needs.

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