Critical Illness Life Insurance - Find the Best Deals Online

Looking for advice with finding your Critical Illness life insurance policy?
Give one of our friendly insurance advisers a call.

Looking for advice with finding your Critical Illness life insurance policy?
Give one of our friendly insurance advisers a call.

What is

Critical Illness Life Insurance?

Critical illness life insurance pays out a lump sum if you’re diagnosed with a specific illness listed in the policy paper work during the policy term. Definitions of a critical illness vary between different insurers and our expert advisers are on hand to choose the product most suitable to you.

When you set up your policy advice will be offered on an appropriate term which depends on your unique circumstances ie until your children are independent or maybe your retirement age where cover will no longer be necessary. As long as you pay the monthly premiums you will be covered throughout your policy term.

In the unfortunate event you suffer from a critical illness then your policy sum assured will become payable. Most critical illness insurance policies will have combined life cover which will also cease if there is a payout on the policy. The critical illness’s each insurer cover are dynamic and therefore the only way to know what your policy covers is in your unique paper work. For example, if you get a cash payout after being diagnosed with cancer, the policy is effectively finished. There is usually no life insurance payout if you die at a later date.

According to The Association of British Insurers, insurance compaies in the UK paid out £965,435,000 for critical illness claims in 2014, with an average payout of £67,000. If you would like to see the rest of this report please click here.

Helping you understand

Critical illness insurance

Who needs Critial Illness Cover?

Critical illness Insurance is needed for a variety of reasons:

  • A lot of people use critical illness insurance to cover their mortgage balance. If you become critically ill, there will be a drop in earnings and it will become increasing difficult to meet mortgage repayments.
  • If you have dependable children it’s wise to be insured so that you can maintain the lifestyle your family has become accustomed to.
  • For most self employed people if you don’t go to work you don’t earn! So a critical illness policy would be invaluable to you.
critical illness insurance

Do I need

Critical illness insurance?

If you experience a critical illness most people would suffer serious financial difficulties and a lump sum payout will go some way to alleviating those difficulties.

As with everything you have to weigh up the benefits with the monthly cost. If you are heavily dependent on your wage, it could be the perfect policy for you.

How much cover will I need?

This will depend on various factors including:

  • Annual income
  • Liabilities
  • If you have children
  • Expenditure

Our expert adviser’s use this information and more to build a financial picture of your circumstances that’s unique to you. This enables us to provide you with bespoke financial protection service of the highest quality.

Are my Children Covered in the Insurance Policy?

  • With most companies children are covered for 25% of your sum assured (not exceeding £25,000) until their 18th
  • There is no limit to how many children are covered on your policy, all biological children and new born children after you’ve taken the policy out, will be automatically covered.
  • In the unfortunate event a claim is made the payout does not affect your cover and your sum assured shall remain the same.

Which illnesses are covered?

Illnesses covered vary from company to company. Most company’s cover 40-50 of the main critical illness’s.

Traditionally critical illness insurance would pay out only when a condition progressed to a certain severity. Now most companies offer partial payout as well (normally 5%, 10%, 20%, 50% of your sum assured). So whereas in the past you would have been refused a claim for a condition less severe, you can now receive a sizeable sum of money to help your family through difficult times. With some of our insurers they don’t even take the partial payout off your sum insured, so you will still be covered for your full amount of critical illness if you need to claim again.

critical illness insurance

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