Why do I need critical illness cover?

1 in 5 men suffer a critical illness before their normal retirement age. 1 in 6 women suffer a critical illness before their normal retirement age.

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
 

Hot Topics

Is there a minimum or maximum amount of Critical Illness cover available?
When you get an 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.
Is there a minimum or maximum premium for critical illness cover?
Minimum premiums vary from company to company but they can be as little as £5 per month.
What is the difference between Critical Illness cover and Terminal Illness cover?
Critical Illness Insurance is much more comprehensive than Terminal Illness cover. 1 in 5 men and 1 in 6 women suffer a critical illness before their usual retirement age.
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.
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.
Critical Illness is far more common than many of us think. The average age for a critical illness claimant is 47 (Source: Munich Reinsurance Co 2000).

You may think that “it won’t happen to me” and we genuinely hope that it won’t, but please consider the following facts: -

  • 35% of men and 46% of women who have cancer survive at least 5 years
  • 78% of stroke sufferers survive more than a year.
  • 1 in 5 men and 1 in 6 women suffer a critical illness before their usual retirement age.
  • In 1999: in the UK 40,989 women were diagnosed with breast cancer, which is 136 for every 100,000 women
  • 23,456 men were detected with lung cancer in the UK. This represents 83 cases per 100,000 men. 1,990 men were newly diagnosed with testicular cancer. This is a rate of 7 cases per 100,000 men.
  • In 2000: there were 112,066 of all types of cancer diagnosed for women and 111,543 for men. At total of 223,609 new cases of cancer diagnosed.
    (Source: Cancer Research UK)

Are these risks you would want to ignore?

Of course, it may not happen to you, but isn’t it better to know that you have the financial resources in place just in case? Critical Illness Insurance can provide that peace of mind.

Critical illness insurance pays you a tax-free sum of money if you are diagnosed as having a serious, chronic or terminal illness which is listed on the policy, or if you require a specific type of operation which is listed on the policy or if you suffer from any condition or have an accident that totally and permanently prevents you from working.

Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -