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.

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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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.
Will a claim for critical illness affect any State Benefits?
No, it should not affect your claim for State Benefits.
Are You Allowed To Continue Working After A Critical Illness Claim?
Once an Insurance company has paid your claim it has no interest how you live your life or what you go on to do.
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.
After you have passed the survival period, payment on a claim can be made promptly after your insurance company has received satisfactory evidence that: -

  • you are the policyholder
  • your date of birth has been verified
  • and they have received the necessary medical report from a consultant, who is a specialist in your diagnosed condition.

The money you receive would be tax-free.

Frequently Asked Questions related to the above topic.
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