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What is Critical Illness cover?
Critical illness cover is an insurance which pays you a tax-free sum of money if you are diagnosed as having a serious,
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
What is “Total and Permanent Disability”?
“Total and Permanent Disability” means that if you are diagnosed with any illness, or have an accident, that totally and permanently prevents you from working, you have a valid claim.
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’!
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).

Why, when you only want Critical Illness cover, should you consider combining it with Life Insurance?

Two good reasons: You are likely to save money! And if you died within the survival period (see below), the claim would still be paid under the terms of your Life Insurance.

It is probable that combining the two forms of insurance into one policy will be a cheaper option. This is because the insurance companies apply various internal company tax allowances to their pricing of combined policies that are not available for stand-alone Critical Illness policies.

Another aspect to consider is that all Critical Illness policies have what is called a “survival period”. In order to claim under Critical Illness Insurance you have to survive for a minimum number of days. It’s normally 28 days following diagnosis but some Insurance Companies have reduced this to 14 days. If you were to die within that survival period any claim would be invalid. But if you also have Life Insurance cover the claim would be paid under the provisions of the Life cover.

Please note that all the combined Life and Critical Illness policies we sell are on a first event basis. This means that if you have a claim for Critical Illness the policy automatically terminates – another claim cannot be made if you subsequently die!

 

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