Critical Illness Cover

What is critical illness cover?

As the name suggests, critical illness cover (which is also known as critical illness protection) is an insurance policy that you can take out to cover you in the unfortunate event that you become seriously ill with certain, specified diseases or illnesses. Unlike some insurance policies, a critical illness insurance policy only pays out once, after which the policy is no longer in force.

What conditions does critical illness protection cover?

In most cases, the range of diseases, illnesses and medical conditions covered by critical illness insurance include:

• Alzheimer’s and other types of dementia
• Cancer
• Coronary heart disease / heart attack
• Kidney disease
• Motor neurone disease
• Multiple sclerosis
• Organ transplant
• Parkinson’s disease
• Stroke

Not all medical conditions are considered 'critical illnesses' and these usually include certain cancers, raised blood pressure and injuries arising from accidents, such as broken bones or other trauma conditions.

Why do I need critical illness cover?

There are some obvious reasons why you should consider taking out a critical illness insurance policy and these include:

• You have limited savings to fall back on if you suddenly became seriously ill
• You are the main breadwinner in your family
• Your employment contract does not provide you with continued income if you are off sick for an extended period

Typically, most contracts of employment will require employees who are off work sick to move onto Statutory Sick Pay within 6 months. You should consider whether this benefit would be sufficient to cover your financial outgoings if you were unable to work.

How much is critical illness cover?

The cost of critical illness insurance will depend upon a number of factors, as would any life or health-related insurance policy. These factors include:

• The sum insured under the policy
• Your age
• Your weight
• Your height
• Your alcohol and smoking status
• Your occupation (some jobs are considered to be a higher risk occupation)
• Your health record, including any existing health conditions

How much critical illness cover do I need?

The level of critical illness cover you require will depend on several factors, such as existing financial commitments, including:

• existing debts, including loans and credit cards
• monthly mortgage or rent payments
• your take-home pay
• whether you have financial dependents, such as children or a partner
• the level of long-term income provided by your employer
• other long-term financial commitments, such as life insurance

Frequently asked questions

What are reviewable and guaranteed premiums for critical illness cover?

The difference between reviewable premiums and guaranteed premiums in relation to critical illness cover can make a difference to how much you will pay for cover over the course of the critical illness insurance policy.

Reviewable premiums are those that are reviewed by your insurer after a specified period of time. As you get older, the potential for a chronic disease becomes greater so it is likely that these premiums might increase.

Guaranteed premiums, as the name suggests, are fixed for the duration of the critical illness insurance policy. These premiums might be more expensive initially, but you have the security of knowing that they will not increase over time.

Will I need to have a medical for critical illness cover?

The majority of people who apply for critical illness insurance are not required to have a medical. While all life and health insurance applications are considered on their individual merits, the disclosure of a pre-existing medical condition, you might be required to have a medical examination.

This procedure does not necessarily mean that your application for critical illness cover will be rejected.

It is also important, when completing the application form for critical illness protection, that you provide full details of any and all aspects of your health record. However minor the illness or condition, you should put details on the application form.

What if I want to cover for a wider range of illnesses?

Critical illness cover provides protection for a very specific range of mainly more serious medical conditions. If you would like more details of how you could extend the range of illnesses and conditions covered, please refer to our serious illness cover page.

How can I get a quote for critical illness cover?

When you click the 'GET A QUOTE' button, completing the online form will send your contact details to an independent financial advisor, who is authorised and regulated by the FCA. He will contact you by phone and/or email to discuss your application in more detail.

If you wish to proceed with an application for critical illness insurance, he will guide you through the initial steps without cost or obligation.