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Critical Illness
Because your bills don't stop when you're unwell!
Critical Illness cover pays out a tax-free lump sum if you’re diagnosed with a serious condition. It’s the "financial breathing space" your family needs to focus on recovery, not the mortgage.
During your life you are extremely likely to suffer from a critical illness. After all, 1 in 2 people in the UK will be diagnosed with cancer in their lifetime*.
Cancer is the most common critical illness, but there’s over 30 other critical illness conditions, for example, heart attack, stroke, kidney failure, multiple sclerosis, Parkinson's etc. You can understand why we are passionate about encouraging people to look at getting some critical illness cover to protect themselves, should any of these affect them in the future.
What is Critical Illness Cover?
Critical illness cover, or critical illness insurance, is a form of protection which pays if you are diagnosed with a specified illness or medical condition, during the term and listed on your policy.
Not all conditions are covered on your policy and it will also state how serious any particular condition must be to get a payout. If you feel you need a particular condition covered, we’ll advise you on the insurance providers that will include it in your policy.
Do you need Critical Illness Cover?
Imagine you or your partner is diagnosed with cancer or another critical illness. It’s going to impact your life straight away. The worry, anxiety, stress etc. of you health and finances.
Health - How bad will the illness be? Will you be able to recover? Will you need private medical care?
Money - How much time off work will you need? How will you keep up with rent or mortgage payments? Will you still be able to pay the household bills on a lower income?
Critical illness cover not only covers adults, some policies also include children in the same policy, for free. This generally means that if you have protection for say £20,000, all your children and ‘bump’ (after 24 weeks gestation) will be covered for children's critical illnesses upto £10,000. Plus children’s funeral cover of between £5-10,000.
You should look at getting critical illness cover if:
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You don’t have enough savings to tide you over if you become seriously ill or disabled
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You don’t have an employee benefits package to cover a longer time off work due to sickness.
FAQ's
What actually counts as a Critical Illness?
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The Big Three: Most claims are for Cancer, Heart Attack, or Stroke.
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The Extras: It also covers many other serious conditions that would stop you from working or looking after the kids.
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The Difference: Unlike Life Insurance (which pays when you’re gone), this pays out while you’re here, helping you pay for private treatment, childcare, or just the monthly bills.
Is this the same as Income Protection?
Not quite. Income Protection pays you a monthly "salary" if you can’t work. Critical Illness pays you one big lump sum. Many families like having both, but if you’re worried about paying off the mortgage or a big medical bill, this is the one for you.
Will it pay out for my kids too?
In many cases, yes! Many of the policies we find for parents include "Children's Critical Illness" at no extra cost. This means if your little one gets seriously ill, you get a payout to help you take time off work to be with them.
What can I use the money for?
Anything you like. There are no rules. Use it to pay off the mortgage, clear debts, fly in family to help with the kids, or even go on a much-needed holiday once you’re feeling better. It’s your money to help your recovery.
Is it hard to claim?
We know the paperwork is the last thing you want to deal with when you're ill. That’s why we’re here. As your broker, we don't just set up the policy; we help support you and your family if you ever need to make a claim.
* source 16/12/2022 https://www.cancerresearchuk.org/health-professional/cancer-statistics/risk