Critical Illness Protection Insurance
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Written by:
Richard Johnson
Ascot Protection Expert
Last Updated:
14.05.2025
Written by:
Richard Johnson
Ascot Protection Expert
Last Updated:
14.05.2025
Critical Illness Cover
Worried about paying your mortgage and bills if you should fall ill and not be able to work? You’re not alone, as this is something that many families worry about – but there are safeguards you can put in place.
One of these is critical illness cover, which can offer real peace of mind that your family will be financially protected if the worst should happen.
Here at Ascot Mortgages, our protection advisers can help you find the right critical illness policy and provider. We’ll take the time to understand your circumstances and find exactly the right solution for your needs.
Get in touch for a free initial consultation.
What Is Critical Illness Insurance?
Critical illness cover offers financial protection for you and your family if you get seriously ill with specific illnesses. Imagine if you were to become seriously ill tomorrow – it would undoubtedly impact you and your family.
Your priority will undoubtedly be to survive the illness and recover. However, being able to fully focus on getting better becomes challenging when you’re constantly worried about the huge bills that keep coming in. Sadly, this is a reality for many families whose lives are turned upside down by illness.
This is where critical illness insurance comes in. It provides you with a lump sum if you’re diagnosed with certain illnesses or disabilities. This can be used to cover your bills, pay the mortgage and be put towards medical expenses too. You can use the money however you like, whatever your particular priorities are. Whatever you need to lessen stress and worry about money, so that you and your family can focus on your recovery.
What Is Included/Excluded When Paying Out?
Not every major illness is covered under critical illness protection, although it depends on the provider.
The kinds of illnesses covered under this kind of policy are long-term, serious and life-threatening or terminal conditions, such as:
- Heart attacks
- Stroke
- Loss of limbs
- Cancer
- Parkinson’s disease
- Multiple sclerosis
- Blindness
- Liver failure
- Traumatic brain injury.
In terms of exclusions, critical illness policies generally don’t pay out in the following circumstances:
- Pre-existing conditions
- Certain types of cancers or early-stage cancers
- Illnesses caused by drug or alcohol abuse
Do I Really Need Critical Illness Cover?
It depends on your personal circumstances. Critical illness cover can provide financial security if you’re unable to work due to a severe illness, helping with mortgage payments, bills, and other expenses. If you have dependents or significant financial commitments, it’s worth considering.
Before taking out a policy, you might want to check whether you already have some illness insurance in place. For example, some cover may be bundled in with your mortgage or life insurance policy.
You should also check if your employer has any measures in place to support employees who can’t work due to illness or injury.
Another thing to think about is whether you have enough in savings to support you, instead of relying on the payout from an insurance policy.
Is This The Best Type Of Insurance For Me?
There are a few types of income and mortgage protection insurance, each designed to provide a financial safety net in different circumstances.
To find the best solution for you and your family, get in touch with Ascot Mortgages to arrange a free consultation.
We’ll ask you about your circumstances and what you’d like to achieve, and walk you through the different options – including mortgage payment protection insurance, life insurance, income protection insurance and critical illness insurance.
Our experienced advisers will explain everything in a clear, unbiased and helpful way. It’s all to help you make the right decision for you.
What Do I Need To Know Before I Take Out A Critical Illness Policy?
Before you take out a policy, you need to know the following:
- What specific illnesses are covered by the policy, and how severely ill or disabled you’d need to be before you could make a claim
- What illnesses and circumstances are excluded
- How long claims typically take to be approved and the money paid
- How much money you’ll get if you successfully make a claim.
These are all questions that we can help you answer. Our advisers will run through every detail with you before you take out the policy, to make sure you’re 100% happy and that there are no unpleasant surprises hidden in the small print.
What You Must Tell Your Insurer Before Taking Out A Policy
It’s really important that you’re completely honest with the insurer – or our team here at Ascot Mortgages – when providing details for a critical illness policy.
You must provide comprehensive details of your medical history, as well as for your family. If you have a pre-existing medical condition, don’t attempt to hide it – as this could affect the likelihood of a claim being approved when you most need the money. Some insurers will cover you if you already have a condition or have had one in the past, but bear in mind that premiums are likely to be higher.
How Much Does Critical Illness Protection Cost?
The costs of critical illness insurance policies can vary depending on a few key factors:
- Your age – typically, the older you are when you take out the policy, the more expensive it will be. This is because insurers assume that there’s an increased risk of you getting seriously ill.
- Your job – if you’re in a risky job, this could mean a higher chance of getting seriously injured, so premiums may be higher
- Your lifestyle – if you smoke or enjoy dangerous hobbies like skydiving or motor vehicle racing, you may pay more for cover.
- Your health – the better your overall state of health, the less you’ll pay for critical illness cover.
It’s not always the case, but you may also be quoted a higher premium for cover if you’re a man. This is because statistically, men tend to make slightly more claims than women.
How Much Cover Do I Need?
You need to work out how much money you and your family would need to get by if you couldn’t work for a long period.
There are a few ways to do this. You can add up all of your monthly household expenses including bills, add a little extra as a buffer for unexpected costs, and multiply this by the number of months you’d want the payout to cover. This can be difficult to estimate, as you don’t know how long you’d need to recover.
Alternatively, you can request cover for two to five times your annual income. This should give you enough financial support to last until you’re well again.
The best way to work out how much cover you need is to speak to one of our protection advisers.
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FAQ
Yes, critical illness cover typically pays out a lump sum upon the diagnosis of a qualifying condition, provided that the condition meets the definitions within the policy.
Some potential disadvantages include:
- Not all conditions are covered, meaning you might not receive a payout for certain illnesses.
- Premiums can be higher if you have pre-existing conditions or a family history of specific illnesses.
- Once a claim is made and paid, the policy usually ends.
Neither is universally “better” – they each serve different purposes. Life insurance provides a sum to beneficiaries upon your death, while critical illness cover pays out if you’re diagnosed with a specified illness. Depending on your needs, having both can offer comprehensive protection.
The ideal age often aligns with life milestones or when financial responsibilities arise, such as starting a family or buying a home. However, premiums are typically lower when you’re younger and healthier, so it might be cost-effective to start early.
The coverage amount is usually determined based on your financial needs and the premium you’re willing to pay. Consider factors like outstanding mortgage, debts, and potential medical expenses or adjustments to your lifestyle that might be necessary due to illness.
It’s usually very quick to get critical illness cover, often taking just a few days after your application has been submitted. However, it can take some time for the insurer to gather the required information, starting with you providing details of yours and your family’s medical history. If the insurer needs clarity or more information on anything, it can potentially cause delays.
It depends on the insurer and the policy. In many cases, you can choose children’s critical illness cover as an add-on, if it’s not included as part of the main policy.
If you’ve changed your mind about critical illness cover, you’ll usually have around 30 days to cancel your policy for a full refund. After this period, you can cancel your policy but you may not receive a refund.
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