Critical Illness Insurance is an insurance policy taken out to cover you in the event of being diagnosed with a critical illness such as advanced cancers, stroke and suffering a heart attack.
These conditions can result in a devastating effect on your life and often mean that you are no longer able to work or earn money meaning that you and your family are no longer able to pay the mortgage on the family home or carry on making repayments on loans or any other liabilities you may have.
Our Critical Illness Cover Policies will pay a lump sum should you be diagnosed with any critical illness specified by the insurance company which can be used to pay off your mortgage or at least allow you to continue making your repayments whilst not been able to work, It can also be used to pay any liabilities and/or pay for any specialist medical care you may require.
Which different type of critical illnesses that are covered is dependant upon each insurance company. All our insurance companies are under obligation to cover what is known as the ABI conditions which stands for ‘Association of British Insurers’ although most UK Insurance companies also cover additional illnesses, details of which can be found in your policy.
The compulsory critical illnesses are as follows:
Alzheimers, Aorta Graft Surgery, Benign brain Tumour, Blindness, loss of speech, Multiple Sclerosis, Parkinsons, Advanced Cancers, Deafness, Loss of Hands or Feet, Coma, Stroke, Paralysis of Limbs, Major Organ Transplant, Kidney failure, Heart Attack, Third Degree Burns, Traumatic Head Injury, Heart Valve Replacement and Coronary Artery Bypass Grafts.
Our Critical Illness Insurance is very flexible meaning that you can pretty much taylor it to cover your exact requirements just like with our UK Life Insurance.
Here are the different types of Critical Illness Insurance We Offer:
Critical Illness Insurance
This is the term given to critical Illness Insurance. This insurance covers you against any critical illnesses you may be diagnosed with and pays a lump sum upon diagnoses which can be used to pay the mortgage, debts, liabilities or can be used to keep you financially safe whilst getting better so that you can return to work. It can also be used to pay for any specialist medical care or rehabilitation you may require
Term Critical Illness Insurance
This is a critical illness insurance policy which value remains the same throughout the entire life of the policy. This is more suitable for people who have interest only mortgages or are just wanting a lump sum should the unfortunate happen.
Increasing Critical Illness Insurance
Perfect for combatting inflation. This insurance policy will be offered a review by your insurance company with the option of increasing its cover without the necessity of having to provide additional medical information. This way you ensure that your critical illness policy will always keep its real time value.
This is also sometimes known as indexed critical illnes insurance
Level Critical Illness Insurance
This is the same as term critical illness insurance in that the level of cover remains the same throughout the lifetime of the insurance policy.
Decreasing Critical Illness Insurance
This is where the level of cover decreases throughout the lifetime of the policy and is designed to cover paying off your mortgage should the unfortunate happen. This is ideal for repayment or capital mortgages but is not recommend for those of you with an interest only mortgage.
By combining your critical illness insurance and your life insurance together you can cut down the cost of your premium considerably when comparing it to paying for both separate insurances as well as making your policies a lot simpler to organize due to you having only one set of policy notes and payment details.
Please note that critical illness insurance is not the same as terminal illness insurance. Terminal illness insurance is normally included with a UK Life Insurance policy and pays you should you be diagnosed with a terminal illness that your doctor has informed you that will die from within the next 12 months.
Still unsure? Visit our UK Life Insurance Jargon Buster page which explains all the complicated insurance terminology.
Alternatively, you can visit our help / faq’s page which answers many different frequently asked questions.