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Critical Illness


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Compare cheap critical illness quotes. Quick online search to find the best insurance cover to suit your needs from trusted insurance providers such as Aviva, Legal & General, AXA, Friends Life and more.

From only £5 per month

 
 
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Critical Illness Key Facts

Critical Illness insurance is a form of cover designed to provide a cash lump sum if you are diagnosed with a serious illness.

There are various types of insurance such as term insurance, critical illness cover and family income benefit. Who needs it, what sort of policy you need and how much you need is all explained below.

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You can contact an adviser by calling 0800 0029650 where an expert will talk you through your options.

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*Price based on a non-smoking 32 year old male insured over 10 years for £85,000 of cover on a level term policy, postcode CF10 1PZ. Prices correct on 14.01.11.

 

doctor critical illnessDoctors Critical Illness Insurance

If you’re the major breadwinner or the primary care giver in your family, there is a way you can protect your family’s financial security if you or your spouse become seriously ill – Critical Illness Insurance.

As a doctor you will know better than most how diagnosis of a serious illness can dramatically affect your financial standing and ultimately your lifestyle and that of your family. Treatment and rehabilitation will probably require time spent away from work which could limit your ability to earn money.

Critical Illness Cover pays a lump sum if you suffer from one of the specified major diseases or injuries covered such as a heart attack, stroke, cancer or blindness and the funds can be used at your discretion.

You can use critical illness insurance to help cover:

  • Medical expenses, including long-distance or overseas travel to find preferred specialist care;
  • Rehabilitation costs;
  • Pay for necessary modifications such as rails or ramps in your house as a result of the illness or injury;
  • Help accumulate wealth for you or your partner’s retirement or savings plan;
  • Reduce your debt, such as mortgages or fixed bills and
  • Help with lifestyle and employment changes.

The benefits are paid to you when you are diagnosed with – and survive – an eligible condition. Although critical illness insurance has been available for almost 10 years, it has become increasingly popular in recent times. This is due to various reasons, such as the escalating costs associated with quality health care and the fact that medical advancements mean more people are surviving serious illness.

Tips and traps

What to look out for when considering a critical illness policy

This isn’t an exhaustive list, so contact us for professional financial advice.
  • When taking out a policy, ask these key questions: what’s covered; what’s not covered; how much will I be paid after a claim; and what will the insurance premiums cost now and later?
  • Consider getting a policy with index-linked premiums and cover so you know the cover will keep up with inflation.
  • Consider a non-cancellable policy; otherwise companies may reassess your health or other factors on each renewal, possibly raising your premiums or refusing to continue cover.
  • Offset clauses allow most insurers to reduce payouts if you have other income (for example, sick pay from your employer or state benefits). Check the relevant section of the policy for details.
  • Check the waiting period (how long before you receive payment, often 30 or 90 days) and the benefit period (for how long payments will be made – typically until your normally expected retirement age).
  • Some policies pay out if you’re unable to perform your normal occupation; others only pay if you can’t perform any occupation for which you’re suited by education, training or experience.

 

Summary of Insurance Products

Life Insurance

Life insurance pays out a set amount of money upon the death of the insured. You can set a specific term for the cover to fit in with your requirements. For example, you may want an amount of life cover in place until your children have flown the nest.

Whole of Life Insurance

Whole life insurance or whole of life assurance is a life insurance policy that remains for the insurer’s whole life and in most cases requires premiums to be paid for the life of the policy. This type of cover is suitable for many situations from covering funeral expenses to ensuring any debts are repaid when you die.

Level Term Insurance

Level Term assurance also known as Level term life insurance is where the sum assured (the amount paid out on death) is guaranteed to be the same over a given period of years, the term. It is a specific life assurance policy that only pays out if the insured dies within the relevant term. This type of cover is typically used to protect an interest only mortgage or to provide peace of mind and a lump sum of cash for your loved ones.

Private Medical Insurance (Health Insurance)

Private medical insurance works in the same way as any other insurance – it’s based on managing the risk of unforeseen events. You pay your premium, either in instalments or in one lump sum, so that if you fall ill you’ll be able to receive any eligible medical treatment privately – avoiding any potential NHS waiting lists. Think of it as peace of mind.

Mortgage Protection Insurance

Mortgage protection insurance also known as decreasing term insurance pays out an amount of money in order to clear a repayment mortgage upon the death of the life insured. The level of cover is set at the outset as equal to the mortgage loan and then reduces each year in line with the reducing balance on the repayment mortgage. As the insurance cover decreases throughout the term, this type of insurance is cheaper than level term insurance.

Critical Illness Insurance

Critical illness insurance or critical illness cover is a very important type of insurance product. It is where an insurer is contracted to typically make a cash payment if the policy holder is diagnosed with one of the critical illness listed in the policy.

Critical illness insurance can be taken as a stand alone policy or added to a term life insurance policy, whole of life insurance policy or mortgage protection polocy to enhance the benefits.

Income Protection Insurance

Income protection, sometimes known as Permanent Health Insurance (PHI), pays a percentage of your salary if you are unable to work through sickness or accident. The regular tax free income provided by an income protection policy continues paying until your normal retirement date (or return to work, if sooner). As long as the premiums are maintained cover is guaranteed for the duration of the plan meaning you can claim as many times as required.

How to find the best insurance for You

To find the right Insurance for you ensure that you check as many insurance companies policies and shop around for the best price.

Each Life Insurance Company has different monthly premiums which will vary depending on your circumstances. You should always compare other insurers rather than just accept the initial insurance quote you receive, especially if it is in conjunction with a loan or mortgage and the quotation is being provided by the lender.

Our insurance price comparison will ensure you get the best plan at the most competitive price as we discount the premium by reducing the amount of commission normally payable by the insurance company. The easiest way to Compare cheap insurance quotes is to use our online comparison system.

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