Critical Illness Cover Explained

Critical illness cover is an essential cover for most families today, especially those with a mortgage or financial dependents whether they be children a spouse or other family members and even more so to protect the loss of your own income if you are unable to continue to work after diagnosis.

Key Features

  • You can buy cover for any amount.

  • You get a cash lump sum to help at a vert distressing time.

  • You can buy a policy for more than one person, ideal for couple wth children or a mortgage.

  • Premiums can start from £5 per month with discounts for non-smokers.

  • Premiums can remain the same throughout the policy term.

  • Additional benefits are available.

Key things to consider when choosing a critical illness insurance policy

Which Illnesses are Covered

This varies greatly by insurer and this is where you really need to speak with an independent expert. All insurers offer a minimum number of illnesses to be covered as defined by the Insurance code after this it’s up to the insurer as to what they will cover.

These types of policy have become evolved greatly in recent years with insurers adding valuable benefits such as support for you and your family in addition to a cash pay-out.

Term of the policy

How long with you need the policy for, are you covering a mortgage, are you protecting children until they leave home or finish university or maybe you want a policy to provide a lump sum to your estate for your entire life. There are restriction on how old you can be when you take a policy out and when the policy ends.

Level or Decreasing

Life insurance can be bought either as a level term policy or a decreasing term policy.

A level policy is usually taken to provide protection when you have a fixed cost such as an interest only mortgage or it can be used to provide a fixed lump sum for your estate if you know how much you want to leave.

A decreasing policy is mainly designed to protect a repayment mortgage, as the mortgage balance decreases so does the life cover. One benefit of decreasing life insurance is that the premiums are cheaper than with level life insurance because the amount of cover decreases throughout the policy term

Premium Protection

This benefit is an added benefit offered by most insurers, it is designed to ensure should you be unable to work due to illness or injury that you can still maintain the premiums of the policy and therefore there will be no need for you to cancel the policy. After a qualifying period the insurer will pay the policy premiums for you until you can return to work or the policy ends.

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