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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.
Hot Topics
- 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.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- How much Critical Illness cover do you need?
- How long should you insure for?
- What conditions are considered critical? (a typical list of insured Critical Illnesses.)
- Can the critical illness policy be continued after a claim?
- Are Critical Illnesses In Pregnancy Covered?
- Will a claim for critical illness affect any State Benefits?
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