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Critical illness cover is sold by life insurance companies but it is very different to life cover. You don’t have to die to benefit from this type of policy. It is designed to pay out a lump sum if you are diagnosed with a specified serious illness or if you have to have certain types of surgery.
This lump sum is paid out to help with the extra costs of living with a particular condition. For example, it would help with loss of earnings for long-term sickness, transport to the hospital for treatment etc. It will only pay out if you contract a named illness. In other words, if your illness isn’t on the list, your claim will not be valid.
Unless you have substantial savings, critical illness insurance may be a good idea. How much cover you should have depends on your circumstances. The lump sums may be needed to pay off the mortgage or to make changes to make your home more suitable for an invalid.
Joint critical illness cover
Joint critical illness cover policies are available but it may only pay out for the first of you to become critically ill. You may choose to get separate cover for both of you. Your policy may automatically cover your children when they reach a certain age. Always read the small print and chat to an advisor about the cover that is exactly right for you.
Combined critical illness and life insurance policies
You can now get critical illness policies which are combined with a life insurance policy. Life and critical illness cover is probably cheaper than two separate ones but it may only pay out for the first event. This means that if you were diagnosed with cancer and then died after a month, your beneficaries would only be paid out for the illness. Individual policies would cost a bit more but would pay out for both events and are probably the best idea for total protection.
Compare different Life and Critical Illness Cover policies
Choosing the right life insurance policy for you can be confusing and difficult and the wrong choice can be expensive. We want to do all the work for you – just fill in the details on our simple form and we can compare 100s of UK insurance providers to find the best quote suitable for your own personal needs.
