Is there a minimum or maximum amount of Critical Illness cover available?

When you get a quotation, the insurer providing the quotation has agreed in principle to insure you for the sum you have requested. Therefore, you do not need to worry about this issue.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

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Is there a waiting period to receive payment on a Critical Illness claim?
All Critical Illness policies require you to survive a specified number of days following diagnosis in order to have a valid claim. The typical survival period is 28 days but some insurance companies have reduced this to 14 days.
The following might help you decide how much cover you need.
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
How long should you insure for?
20 to 25 years is most common but it really depends on how much you can afford and your personal circumstances.
What level of critical illness cover could your children get?
Insurance companies normally impose a maximum limit on any claim under the policy’s provisions for children. Sometimes the limit will be lower of a percentage of your own sum assured (e.g. 25% or 50%) or a set amount (typically £15,000 or £20,000).
Can you extend or increase your Critical Illness cover at a later date?
If you have a policy with a renewable option then yes, you can increase, or sometimes extend, your cover. If you do not have a renewable option then you cannot change your cover. These days only a few insurance companies offer policies with a renewable option.
However, yes, the various insurance companies do have minimum and maximum sums they will insure. Generally each company has its own limits but £500,000 tends to be about the maximum.

Frequently Asked Questions related to the above topic.
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