How much critical illness cover do I need?

FAQ Home \| General Questions \| Critical Illness Insurance \| Life Insurance \| Home and Contents Mortgage Payment Protection \| Mortgage Life Insurance \| Short Term Income Protection Insurance Mortgages \| Car Insurance \| loans \| Private Medical Insurance \| Travel Insurance Hot Topics Are Critical Illnesses In Pregnancy Covered? Pregnancy does not affect any claim under critical illness insurance. It would be hard to make a case that pregnancy was a ‘self-inflicted injury’! Will Critical Illness policies permit the use of alternative medicines? After you have been diagnosed with a qualifying Critical Illness and the claim has been paid you can spend your money however you like. So if you want to spend some of your money on alternative medicines then that’s entirely your choice. Will you need a medical if you apply for a critical illness policy? In order to correctly assess the risk they are being asked to accept an insurance company may require further information from your GP or request that you undergo a medical. In most cases these medicals only take five or ten minutes. What information will be needed at the time of a Critical Illness claim? For a Critical Illness claim to be successful the insurance company’s claims department will need evidence that you have been diagnosed as having one of the listed critical illnesses. This evidence will normally come from a Hospital Consultant who is a specialist in the illness which has been diagnosed. What happens if your condition improves after making a claim on your Critical Illness policy? Once the insurance company has paid you the money is yours to spend how you like. The policy is terminated and your insurer has no interest on how you live your life or indeed whether your condition improves or is healed. The following might help you decide how much cover you need.
Repay loans How much would you need to repay your mortgage, overdraft, loans or any credit card balances? The freedom that comes from being debt free does wonders for recovery.	£
Costs related to recovery How much could you spend travelling to and from consultants and specialist hospitals? If you were in hospital for a lengthy time, how much would your family incur in travelling costs or possibly staying in a nearby hotel? After any operations you may even wish to join a fitness club or swimming club. Perhaps a holiday would speed your convalescence.	£
Medical expenses If you don’t have any medical or hospitalisation insurance to cover operations, would this need to be part of your cover? There could be the cost of Doctors and Consultants’ to take into account. Following their advice there may be extra costs for occupational therapy or physiotherapy. Some of these costs may be met by the NHS but you may not wish to be in a waiting list.	£
Your home Some illnesses may require your home to be modified. You may need to put in a ramp put where there are currently steps. If you need assistance in walking having an electric wheelchair or a mini-scooter could be a boon and enable you to be more independent. However, these gadgets cost money and whilst some can be obtained through the NHS they may not be available in the type or time you need them. Imagine you are in a wheelchair. Now think of your home. Are the cupboards at the right height? Are the doors wide enough? Is that shag pile carpet suitable for an indoor electric chair? Could you get up the stairs without assistance? Social Services expect a contribution towards the costs of adaptations and equipment based on a financial assessment but the whole process can take a long time.	£
Your business If you run your own business, would you need to hire extra staff to take over some of your tasks and lighten your workload and worry? Are there other business expenses that are ongoing whether or not you are bringing in any revenue, such as offices expenses, subscriptions and wages? Having a cushion of several months’ revenue can make the difference between coming back to a profitable business as a going concern and having to start again.And then you need to add a contingency sum	£

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Hot Topics

The following might help you decide how much cover you need.

Repay loans

Costs related to recovery

Medical expenses

Your home

Your business