Critical Illness Cover

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Critical Illness cover is taken out to pay benefits when things look at their bleakest. You may need additional funds to modify your house for a wheelchair, for specialist medical expenses, or merely for the peace of mind of paying off your mortgage. A typical Critical Illness policy will pay a lump sum upon diagnosis of an insured condition.

 

The principle conditions that tend to result in a claim are:

 

1  Cancer

 

2  Stroke

 

3  Heart Disease

 

You need to survive the condition for a specified period of time, e.g. one month. Your recovery has no bearing on the claim. But it will mean that you do not have to rush to go back to work for financial reasons.

 

 

 

Because the likelihood of an insured person suffering such a condition is far higher than the risk of premature death, premiums are significantly higher than the equivalent cover for Life only. The choices as to term, increasing and decreasing policies, are as for Life policies.

 

The difficulty for consumers choosing a critical illness policy is that each insurer's list of covered conditions differs. That is where our Advisers can assist. With our in-depth knowledge of the industry, we can recommend the best combination of policy and premium for your personal circumstances.

 

An example of a Critical Illness quotation is detailed below:

 

Male aged 32, non smoker, interested in arranging Life and Critical Illness cover with a Sum Assured of £100,000 for a 25 year term. The monthly premiums should be guaranteed and the sum assured should remain level throughout the term. The plan should also include waiver of premium and terminal illness cover. This would cost £33.73 per month.*

 

*Research was done on 13/08/2007.

 

 

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