Critical Illness Insurance Cover
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Written by:
Richard Johnson
Ascot Protection Expert
Last Updated:
28.06.2024
Written by:
Richard Johnson
Ascot Protection Expert
Last Updated:
28.06.2024
Critical Illness Cover
Critical illness cover offers financial protection for you and your family if you get seriously ill with specific critical illnesses. Imagine if you were to become seriously ill tomorrow – it would undoubtedly impact you and your family. Most of us would be most concerned about surviving the illness and recovering.
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.
But here’s the good news: more and more people are surviving critical illnesses nowadays. For example – according to Cancer Research UK, cancer survival rates have doubled over the last 40 years.
Other types of mortgage protection insurance
If you would like to arrange a free consultation to help you understand which mortgage protection product will be right for your situation, including mortgage payment protection insurance, mortgage life insurance, income protection insurance and critical illness insurance cover, and any other options available please contact Ascot Mortgages – we are will be happy to explain things in a clear, unbiased and helpful way.
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FAQ
Critical illness cover provides a lump sum payment if you’re diagnosed with one of the specific illnesses or medical conditions listed in your policy. This can include serious conditions such as cancer, heart attacks, and strokes, among others. Each policy will specify which conditions are covered.
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.
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 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.
While this can vary by policy, common conditions covered include:
- Heart attack
- Certain types and stages of cancer
- Stroke
- Multiple sclerosis
- Kidney failure
- Organ transplant
It’s crucial to read the policy details to understand the specific illnesses covered and any related criteria.
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.
Yes, most policies have exclusions. Common exclusions might include:
- Pre-existing conditions
- Certain types of cancers or early-stage cancers
- Illnesses caused by drug or alcohol abuse
It’s essential to thoroughly review the policy terms and conditions to understand any limitations or exclusions.
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