Critical Illness Insurance

According to the Office of National Statistics, critical illness will strike 1 in 4 males aged 30 before the age of 65. These startling statistics evidence why critical illness insurance is essential to pay for living expenses in case you suffer from a critical illness and cannot work.

What is Critical Illness Insurance?

If you develop a critical illness, this type of cover will pay out a designed lump sum upon diagnosis. Consider that you may not be able to work if you get a critical illness and you will still have ongoing living expenses, a mortgage and additional medical expenses to pay for.

Why Do You Need Critical Illness Assurance?

Money paid out from a critical illness claim can be used to pay for anything you need. A serious illness may stop your income and critical illness insurance proceeds can cover your mortgage, your current standard of living and even extra medical expenses such as a wheelchair or required alternations to your home for mobility.

What Does Critical Illness Assurance Cover?

Critical assurance covers exactly what is specified in the policy and nothing else. When purchasing critical illness insurance, verify what is covered and what is not to ensure you are getting the exact coverage you want. There are no standard critical illness policies but the Association of British Insurers has 23 standard illness definitions that are commonly covered, along with usual policy exclusions. These definitions and exclusions are detailed in the ABI Statement of Best Practice for Critical Illness Cover.

What Are the Three Major Risked Covered By Critical Illness Assurance?

Most critical illness insurance policies cover three major risks including heart attack, stroke with permanent symptoms and certain types of cancer but policyholders should always verify exactly what is covered when purchasing the policy. Some policies may only cover cancer while others also take care of total and permanent disability and other critical illnesses.

How Long Does Critical Illness Cover Last?

The term of the cover depends on the policy you choose. Some policies are renewed in a specific number of years, such as one or five. Other policies last as long as twenty-five years and certain policies end at a particular age, such as 65.

How Much Critical Illness Assurance Do I Need?

Consider that the sum of critical illness insurance you choose may have to last ten to twenty years or more, depending on the extent of your illness. It is also a good idea to choose a critical illness policy that gives you the option to increase the sum assured during the policy life.

What is the Cost for Critical Illness Cover?

Premiums for critical illness cover vary based on the amount of coverage, the sum assured, age, how many people the policy covers, sex, occupation, hobbies, medical history, current health, family medical history and whether you smoke. High risk activities and jobs and smoking can significantly increase premiums for critical illness assurance.

What Types of Critical Illness Assurance Are Available?

There are a variety of critical illness options for individuals, small businesses and groups including cancer, business, critical illness for children, female cancer, elderly care, life cover with disability, life cover with children's illness, income protection with critical illness and life cover with critical illness.

Having critical illness insurance can alleviate some of the distress associated with a serious medical diagnosis by covering necessary expenses so you don't have to worry about them.