Statistics show serious illness can strike anyone at any time in their lives and we are rarely prepared. Whether it be a heart attack, cancer or other major debilitating condition, the affect on your life would be severe if it were to occur. Buying critical illness cover is a means to alleviating the financial pressure should the unthinkable happen – a plan designed to pay a lump sum in the event you are diagnosed with a specified serious illness.
The Benefits of a Critical Illness Plan
Being financially protected during the difficult time of serious illness is highly recommended as the statistics are pretty sobering. Cancer Research UK published figures in 2010 which showed cancer caused 40% of all deaths in the 25 to 74 age group during the period 2007 to 2009. Account must also be taken of the other life-changing ailments that are unfortunately too common, such as Parkinson’s disease, stroke or heart attack – critical illness cover can protect your finances and create peace of mind during this time.
How does critical illness insurance work?
A critical illness policy ensures a tax-free lump sum is payable in the event that the policyholder is diagnosed with a serious illness which is covered under the terms of the policy on inception. The claimant will usually need to survive for a month before a critical illness plan comes into effect. The benefits of being protected are numerous – a critical illness pay-out can help towards:
- Replacing lost income during absence from employment;
- The repayment of debts e.g. mortgages, credit cards, etc;
- Covering expensive private medical bills when treating a serious illness e.g cancer;
- Paying for continuing medical treatment and costs of recuperation;
Why is there such a price difference between insurers?
When purchasing critical illness insurance, differing levels and quality of cover are available. It is imperative that when researching policy providers it is important to check the small print. There are numerous insurers who can provide critical illness cover but the variation in level of protection and policy exclusions and definitions can differ greatly. For example, certain critical illness providers may not include conditions such as diabetes or certain types of cancer. In the event you needed to make a claim due to suffering from a serious illness, discovering that your particular condition would not be covered would be devastating – both emotionally and financially.
Obtain free critical illness insurance advice
A comparison of critical illness quotes is always adviseable. With access to a network of trained advisers with vast experience in critical illness policies and insurance, we can provide a whole of market comparison to assist you in finding a comprehensive, and above all affordable, critical illness cover.
Which critical illness cover is best for me?
The best critical illness policy for any one person depends upon their circumstances. Each policy should be tailored for you. Factors such as whether you are married or single, have children and/or a mortgage will fundamentally affect the type of critical illness that would be right for you (and indeed the price). Insurers also look at your health profile – whether you are a non-smoking gym member, or in your fifties with pre-existing medical conditions. Taking all these factors into account necessitates receiving the proper advice on the right policy and level of critical illness insurance you may need before purchase.
- Single people might benefit from a standalone critical illness policy – a lump-sum which would help with medical bills and/or a mortgage in the event of serious illness;
- Alternatively, a person with a partner and/or children may consider having both life and critical illness cover as in the event they may die or become critically ill, their family would be financially secure.
Before comparing critical illness quotes, please take note that some insurers offer critical illness cover as an optional extra with term life assurance while other insurers offer standalone life or critical illness cover separately. By combining mortgage life insurance and critical illness cover this may enable you to find a better deal on cover.
Compare critical illness quotes and buy cover online
We operate a free, no-obligation comparison service to assist you in finding the best critical illness cover for your circumstances. Whether you wish to receive free advice or obtain a critical illness quote comparison to consider the likely costs of cover, we can help.
Simply fill in the form to the right to get started.