Critical Illness Cover
What Is Critical Illness Cover?
Critical Illness Cover is a type of insurance that pays out if you are diagnosed with a specified Critical illness during the term of the policy.
Why a specified critical illness? Well, there are obviously a lot of illnesses in the world, and the policies generally need to have a set of specific illnesses they will cover you against. This leads to not all Critical illness cover policies being equal. Some will cover more conditions than others. Some may even have one condition listed which covers multiple separate illnesses.
How Much Critical Illness Cover Do I Need?
This will depend on what you are wanting to protect and how much you can afford. In the same way as Life insurance, Critical illness cover is generally used for a purpose. For example, it is very common to take out a Critical illness cover policy to protect a mortgage. This means that if you were diagnosed with a specified critical illness during the term of your mortgage, your mortgage should be repaid.
This can be incredibly useful if you are diagnosed with something life changing, and are unable to work again, or even just need to have time off work while you recover.
Do I Need Critical Illness Cover?
This will be down to your particular situation. We cannot advise you in an article on your personal situation unfortunately.
However, people generally want Critical illness cover when:
- They have a mortgage or home they want to protect.
- They have a family they want looked after if they were to suffer a specified critical illness.
What Illnesses Are Covered By Critical Illness Insurance?
This will depend on the policy itself. You should carefully go through the list of conditions covered, as not all critical illness cover policies offer the same conditions.
There are a few common illnesses that tend to be covered under a critical illness policy:
- Heart Attack
- Multiple Sclerosis
How Much Is Critical Illness Cover?
You can expect critical illness cover to cost more than your Life insurance. That is down to a simple factor.
You are more likely to be diagnosed with a specified critical illness than to die between the ages of 18 and 70.
The NHS say one in two people will get Cancer in their lifetimes. This is a huge number, add in the other specified illnesses, and this is the reason Critical illness cover costs more.
Is Critical Illness Cover Worth It?
Any type of insurance’s worth is judged by you. Do you feel it is worth it? If you are diagnosed with one of these potentially life changing specified critical illnesses, would you need to have your mortgage repaid, or your family looked after financially.
This is how you decide if you feel Critical illness cover is worth it.
Do You Need Critical Illness Cover?
Critical illness cover is claimed on by 1 in 5 people with a policy. Compare this to 1 in 13 people that claim on Life insurance.
It is unfortunate that we are all likely to suffer a critical illness in our lifetimes. Having a critical illness cover policy will mean that if you are diagnosed with a specified critical illness during the term of the policy, you should be able to claim.
What Cancers Are Covered By Critical Illness Insurance?
This will vary from policy to policy. Some will cover only serious Cancers that are quite bad, however, some may cover more minor ones as well.
If you are considering taking out a Critical illness cover policy you should speak to a specialist Protection Broker that can advise you on the differences between policies.
What Is Covered By Critical Illness Insurance?
Critical illness cover usually covers a whole range of illnesses. Just to confuse things further it will also vary from one provider to another, and some providers may even have multiple different Critical illness policies available.
Generally most Critical illness cover includes:
- Heart Attack
- Multiple Sclerosis
Does Critical Illness Cover Fibromyalgia?
If you have Fibromyalgia you may still be able to get Critical illness cover. If you are wondering if you have Critical illness cover will it pay out if you are diagnosed with Fibromyalgia, then it may do.
You would need to check the conditions covered by your policy. Even if not specifically mentioned, your policy may have a condition listed as Total & Permanent Disability that may cover this. It is always worth calling your provider to check.