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What is Life and Critical Illness Insurance?
Critical illness insurance (also known as critical illness cover) will pay out to
your family if you have a serious medical condition that is covered under
the policy.
Life insurance and critical illness cover are usually sold alongside each other, to ensure that your family is protected if you fall critically ill. When the two types of insurance are sold together, it is usually better value for the customer as the price is brought down, almost like a multi-buy discount.The tax-free sum that you receive as part of your critical illness cover differs from that of life insurance as it is given after diagnosis. Life Insurance Cover can be purchased either by an individual or can come as a benefit from working for a company. However, the latter isn’t guaranteed as it is only certain companies that offer this perk.
Life Insurance cover is a must for those that want to guarantee that their family members are taken care of after they are gone.
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How Does It Work?
Critical illness cover pays out a lump cash sum, either when you are diagnosed with a condition or after you have undergone a medical procedure for the specific condition in question.
For many policies, you will have to survive for 14 days after the diagnosis in order for the insurer to pay out – this, of course, varies policy by policy. The cash sum can then be used to help to maintain your lifestyle, assist with paying the household bills, with adapting the house to fit your needs or with child care costs. A helping hand assisting you in a time of need, it can prove invaluable to many people no matter what their circumstances. Many policies also include Children’s Critical Illness Cover, which can help with funeral costs, family accommodation, etc.
A critical illness policy runs for a set amount of time – which is decided by the individual upon taking it out. The decision as to how long the policy will last will be dependent on what you are using the cover for.
For example, if you need critical illness cover so that it will give your loved ones the financial support they need after you have gone, you might want to calculate the length based on your illness. The amount that you pay for the critical illness insurance each month will depend on a variety of factors, including:
- The term of the critical illness policy.
- The amount of cover you want
- It will take into consideration any pre-existing medical conditions that you have Personal circumstances
- Your personal circumstances
It’s important to remember that Critical Illness Cover generally only pays out once. However, a number of insurers may make a small payment after you are diagnosed with an illness that is considered less severe. You can vary the length of your policy by changing the filters to fit the specific timeline that you want. This flexibility makes it popular for many looking for support after being diagnosed with a critical illness and/or condition.
Who Needs Critical Illness Insurance?
Critical illness can affect anyone, no matter what their age or lifestyle.
Critical illness can affect anyone, no matter what their age or lifestyle. Transforming the lives of both the individual and their family, it is important that they have the cover they need to protect them as the condition progresses.
It is a good idea to have critical illness cover if you have young children, can no longer work because of the condition or if you want your family to be able to pay off the mortgage.Even though people use benefits (given by the government) and savings to supplement any losses that occur as a result of contracting the condition, Critical Illness Cover can be a welcoming safety net that can usually cover up to £100,000.
What Illnesses Are Covered?
The illnesses that are covered by a critical illness policy will depend on the insurer that you choose. At MyKeyManInsurance we have a wide range of trustworthy, reliable and budget-friendly insurers that offer critical illness cover, from Legal & General to Aviva and Royal London. Generally, the insurers cover permanent illnesses/conditions such as:
- A stroke: Death of brain tissue and permanent neurological deficit
- A heart attack: Death of a heart muscle, new characteristic electrocardiographic changes and the characteristic rise of cardiac enzymes or Troponins
- Certain types/stages of cancer: For example – Leukaemia, sarcoma and lymphoma (excluding cutaneous lymphoma – lymphoma confined to the skin)
- Conditions such as multiple sclerosis: For example, in MS – clinical impairment of motor or sensory function, which must have persisted from the time of diagnosis.
What Doesn’t It Cover?
- If you/your loved one passes away within 14 days of the diagnosis.
- That a medical procedure/diagnosis doesn’t align with the definition set by the insurer.
- If you have missed a payment for the insurance (the cover will usually end approximately 30 days afterwards).
- If you have a single life policy and pass away – the cover will end.
How Much Does It Cost?
The cost of the premiums is dependent on the insurer you choose and your personal case. However, the cost can be affected by how old and how unhealthy your lifestyle is – which will make the premiums higher. By comparing the quotes on our website after putting in your information, you can get a good idea of how much the insurance will cost each month so that you can budget out how much you need to spend.
It is vital to remember to pay the premiums each month because (as mentioned above) the cover will stop if you forget to do so. Before investing, make sure that you will have the money each month to pay for the insurance so that there are no missed payments and that you or your family members will receive the payout correctly.
Before investing in critical illness cover, it is essential that you check that it isn’t included in your current life insurance policy. Also, some businesses include it within their company benefits, so make sure to check this before comparing quotes online.
How To Bring The Cost Down
If you are wondering if there is a way to bring the cost of the policy down, you can do this by:
- Quitting smoking
- Starting a dieting plan
- Starting to exercise
- Trying to live an overall healthier lifestyle.
These small changes can make a big difference to the amount of the premiums each month, making them far more manageable. They are also, of course, beneficial to your personal health.
How To Find Reliable Critical Illness Cover
It is important that you compare critical illness insurance when you are looking for a policy for you or your loved one. You must read through the terms and conditions, including what’s included and what isn’t included, the premiums you pay each month and the process of claiming the pay out.
Through our website, you can get invaluable online quotes for both life insurance and critical illness cover that will inform you about the terms, how much they cost and how you can get in contact with the insurers to make a claim.
If you do want to make a claim, you can usually do so through a number given to you by your insurer. For the call, you will need to have the policy number to hand, alongside the details of your/your loved one’s illness and the diagnosis. The insurer will treat each claim individually, explaining all the details to you along the way.
Alternatively, we can get you a quote for your critical illness cover by phone, if you call us on 02071128844. We can use our years of expertise, alongside your details to find you a quote that you are happy with and one that will give you the cover that you need. Once you have the quote, it is vital that you get in contact with the insurer if you have any questions regarding your policy – from the terms and conditions to the premiums that you pay each month.
A few Things To Consider…
To qualify for most policies, you must be over 18 and a UK resident. You will also have to have a UK bank account in order for the payments to be taken out via direct debit each month.
Why Choose Us?
- MyKeyManInsurance.com started in 2008 we are the longest-serving business protection specialist in the UK.
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- The ONLY Website where you can quote and apply online.
- FCA-authorised advisers with years of experience in business insurance.
- We are a whole market broker able to quote from all the UK providers.
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Further Reading
5 Reasons You Should Take Out Relevant Life Insurance
Relevant life insurance is a type of life insurance policy that is taken out by businesses on behalf of their employees
Relevant Life Insurance HMRC Tax Treatment (updated) 2022
Relevant life insurance is a form of insurance that provides financial protection for an individual.
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Work out how much money you can save with our relevant life calculator. Our calculator
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