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Critical illness cover provides financial security for your loved ones in the event of a serious illness, typically lasting for a specific period or until your retirement.
Upon diagnosis of a covered illness, such as certain cancers or strokes listed by the provider, you generally receive a tax-free lump sum. However, it's important to note that critical illness policies typically do not payout for conditions like back issues or stress that prevent you from working. In such cases, considering income protection insurance might be a more suitable choice.
Combining life and critical illness cover is an option to settle significant debts, like a mortgage. For individuals with dependents, a life insurance policy becomes essential to safeguard your family's financial well-being.
If you're considering a critical illness policy, our proficient mortgage and protection advisors are available for a meeting or chat. They'll evaluate your unique needs and circumstances, providing guidance on the most suitable level of cover at no cost to you!
Our friendly advisors are always happy to help with your insurance enquiries, so call us for a no-obligation chat.
Will I need to undergo a medical examination for critical illness insurance?
It's not a universal requirement. Depending on factors such as your age, coverage amount, and overall health, insurers may request additional evidence before providing terms. This may involve a supplementary telephone interview, a visit from a nurse, or obtaining a targeted report from your GP.
Which factors influence the type of Critical Illness insurance policy I can be eligible for?
Several factors come into play when insurers consider offering coverage. Since each provider has its own criteria, it's advisable to consult with one of our advisers who can identify the most suitable insurer for your specific circumstances. Key determinants include age, occupation, overall health, smoking status, and involvement in hazardous hobbies or activities. After the insurer provides terms and agrees on a monthly premium, that fixed amount becomes the payment for the entire policy duration if you opt for a guaranteed premium.
What defines a Critical Illness?
Critical illness doesn't always refer to a life-threatening condition; often, it signifies a life-altering situation. Insurers vary in their definitions, with some covering specific conditions while others may not. To determine the critical illness plan that best suits your needs, consult with one of our advisers.
Is it compulsory to have life insurance for my mortgage?
Typically, lenders don't enforce the requirement of having Critical Illness insurance when securing a mortgage. Their focus is on receiving payments for the debt and interest, leaving the responsibility of insuring yourself and your family to you. However, it is strongly recommended to consider obtaining as a minimum a Life Insurance policy to safeguard your loved ones in case of unforeseen circumstances.
The level of insurance you need will depend on your individual circumstances. Our experts will work with you to establish what the right level of cover is for you to ensure you are fully protected.
Call us on 0203 835 6263 to receive an insurance quote from our experts.
Many price comparison sites only offer ‘standard’ or 'basic' insurance policies and won’t necessarily take your personal circumstances and needs into account. Equally, because comparison sites don’t provide one on one advice, you could be left with unanswered questions or worst still be unaware that you are underinsured or unable to make a claim because of small print or legal complexities you weren’t aware of during the application process.
By arranging your insurance through us, you can ensure that you speak with an expert who can guide you through the process and ensure that the policy you are being sold is right for you and your individual circumstances.