Critical Illness Insurance Cover
Did you know that a man has a 1 in 4 chance of suffering a critical illness, such as a heart attack or stroke, and losing his income, well before retirement age? A woman has a 1 in 5 chance of the same.
As Chartered Financial Planners, we try to alert our clients to these figures, to make them aware of the realities we all face.
Despite the likelihood of critical illness, 87% of us are not covered by critical illness insurance (source: Scottish Provident), to protect our family life and standard of living, if we have to stop working. If your spouse also has to stop working to take care of you, then a two-income household is suddenly living on benefits. However, the mortgage, education costs, and bills don’t go away - in fact, they may spiral, due to unexpected medical expenses.
And if you think criticial illness is the preserve of older people, think again. Legal and General says that the average age of claim on its critical illness policies is just 45, and 70% of claimants are under 50.
If insurance is about planning for the unexpected, then critical illness cover makes sense. Talk to us to protect yourself and your family now.
Request expert critical illness insurance advice online, or call 0800 678 5929
How much critical illness cover do I need?
Our critical illness planner is an easy-to-use tool that looks at your gross household income, your mortgage and other owings, and gives you a personal, tailored recommendation for how much critical illness cover you need.
Use our critical illness planner to check how much cover you need
How does critical illness insurance work?
Critical illness insurance provides a single payout in the event that you are hit by an illness that renders you unable to work. While all policies are different regarding the full list of conditions that they cover, the conditions generally accepted include cancer, heart attack, stroke, kidney failure, major transplant or heart bypass surgery, and multiple sclerosis.
Various other conditions that can be covered include Alzheimer’s Disease, brain tumour, blindness, deafness, loss or paralysis of limbs, breast cancer, and Parkinson’s Disease. As independent financial planners, we have access to all products on the market, and not just a small number provided by the company we represent. In other words, we are not a ‘tied’ agent. We can help you shop around to find the right policy for you.
Ask us now about critical illness cover or call us on 0800 678 5929
Many people take life and critical illness insurance at the same time, so that their future and the future of their family is covered for all eventualities.
A critical illness policy often includes free cover your children as well as you, paying out a certain amount if your child is affected by one of the above conditions. Claims for children account for 2% of total claims, according to Aviva.
Read more about free critical illness cover for your children
Terms and conditions of a Critical Illness Policy
The terms and conditions of every critical illness policy will vary, and it is worthwhile clarifying them with your financial adviser before you buy. For example, the great ‘invisible’ ailments of back pain and stress are seldom covered, as they are very common but difficult to measure. Many illnesses, including strokes, are accepted only when they leave permanent symptoms, and heart attacks must have been of a certain, measurable severity. Claims are excluded when they arise from drug or alcohol abuse, self-inflicted injury, or criminal acts.
Find out more about conditions covered by critical illness insurance or call 0800 678 5929
‘Non-Disclosure’ can void your critical illness policy
The application form for critical illness cover asks detailed questions about your past and current health and lifestyle choices. It is essential to be open and accurate in the information you provide, and to double check where there is any doubt. Questions may also be included about the health history of your parents, especially with regard to cancer and heart disease. Applicants are often unaware of minor ailments suffered by their parents, for the simple reason that they were not discussed in the family home. They can therefore quite inadvertently omit details which, later, turn up in their parents’ health records. Any incomplete information on a critical illness application is known as non-disclosure, and can jeopardise your claim. The insurance company can maintain that, had it known the full details, your premiums would have been higher.
At Principle First our independent insurance experts have access to a wide range of critical illness providers, drawn from the whole market. We can assist you in locating the policy that is right for you.
