Critical Illness Cover

What is critical Illness cover?

What does Critical Illness cover include?

Is critical illness cover the same as life insurance?

What is considered a critical illness?

Can I have Critical Illness Cover without Life Insurance?

Is it worth getting critical illness cover?

Best Critical Illness Cover


What is Critical Illness Cover?

Critical Illness cover is a policy designed to financially cover you and your family should you become diagnosed with an illness that is serious enough to be deemed "Critical" or life threatening.

If you think your family would struggle to pay household bills or the mortgage, you should think about Critical Illness Insurance.

What does critical illness cover include?

Usually the insurer will pay out a lump sum of money to the policy holder if they become critically ill. The lump sum can then be used in the policy holder’s life time to help with the financial loss of income from being unable to work. The lump sum that is paid out to you, the policy holder, is tax free and is paid out if you fall ill during the term of your policy.

It is designed so that you don’t have to use the money according to time limits, for example a set amount each month. You can use the pay-out however you chose in as short or long time as you want. This differs to a monthly pay-out for a set period of time like income protection insurance.

If you took out a critical illness policy for 30 years with an assured amount of £200,000 then if you suffered a heart attack in that time you would receive £200,000 (no tax deducted).

Is critical illness cover the same as life insurance?

It is important to realise that critical illness cover and life insurance are two different financial products.  The first pays out if you fall ill whilst the second pays out if you die, both within the policy terms.

There is the option to combine the products and have critical illness cover as an add on to your main life insurance policy. This is a popular option and many people tend to use the two products in this way as buying Critical illness cover alongside life insurance usually makes it cheaper.

If you combine your critical illness cover with your life insurance then there is normally only one pay out – once if your become critically ill or if you die – the combination of policies offers greater protection but does not double the pay –out.

What is considered a critical illness?

The policy terms vary according to the insurer. For example, critical illness cover at Legal and General might have different definitions of what is considered a critical illness when compared to Aviva’s critical illness cover.

But most critical illness cover policies will include some if not all of the following as a basic remit;

  • Heart attack
  • Stroke
  • Kidney failure
  • Cancer (more detailed terms apply)
  • Serious Coronary Disease
  • Major Organ Failure / Transplant
  • Multiple Sclerosis
  • Loss of Speech
  • Heart Valve Replacement
  • Deafness
  • Degenerative Brain Disorders
  • Coma
  • Terminal Illness
  • Motor Neuron Disease
  • Chronic Lung Disease
  • Chronic Liver Disease
  • Parkinson’s Disease
  • AIDS
  • Muscular Dystrophy
  • Head trauma / Brain Tumour
  • Bacterial meningitis

There are often a lot of questions regarding this aspect of critical illness cover like whether rheumatoid arthritis, fibromyalgia and mental health are covered.

As the list of covered illness differs per provider, a broker like Quick Quote Life can be an excellent way of comparing critical illness cover. Our advisors will listen carefully to your needs and requirements and then offer the best cover they can find for the most reasonable rate. It is very important you know what illnesses are covered when taking out critical illness cover so that you are aware of your type of policy. Speak to one of our advisors today, the number is free phone and our quotes are obligation free.

Can I have Critical Illness Cover without Life Insurance?

Yes you can get stand-alone critical illness cover in the UK without life insurance. If you are single with no dependants but you have a large amount of outstanding debt, like a mortgage, then you may want to take out Critical Illness cover without life insurance – to protect yourself against financial hardship should you fall seriously ill. There are also options available like Income Protection Insurance so speaking to a broker is helpful.

Bear in mind that CIC is often substantially cheaper if you buy it with life insurance and although you may currently not have a family – you may in the future. And seeing as life insurance is typically cheaper the younger you buy it – you could be saving yourself a lot of money in premiums for future cover.

We always advise you speak to a broker; they are industry experts and can help you get cover that makes the most sense.

Is it worth getting critical illness cover?

As a life Insurance broker, QQL belief Critical Illness Cover is one of the best life insurance add on’s out there. The statistics on the pay our rates are exceptional and the additional cost to premiums is relatively low.

When compared to Income Protection, Critical Illness Cover has one clear advantage – you receive the lump sum pay out in one go and the money is there to do with as you please. If you become ill and are unable to work for a set period of time the Income Protection is an excellent insurance product. However, if you fall seriously ill and can never return to work or go back to your life the way it was then you may want all of the money upfront , to do with as you see fit.

Critical Illness Cover is talked about a lot on the forums at Money Saving Expert and much of the conversation reiterates everything in this article – so if you would rather have impartial advice then a quick read of the forums is a great place to start.

Best Critical Illness Cover

You have read up on all the aspects of Critical Illness Cover and you are now looking for the best place to buy it. There are a lot of different providers out there and you may be tempted to buy from a price comparison website so that you get the cheapest quote.

Price comparison sites are a great place to start as they give you an idea of the major and most trusted providers and the average cost of premiums but it’s best to go one step further and speak to a broker. Quick Quote Life provide a free service and you will be speaking to an industry expert with extensive knowledge of the life insurance market.

Cheapest isn’t always the best and a broker like QQL is able to review and find the best Critical Illness Cover options for you.

Give us a call today, we are a leading UK life insurance broker that have already helped thousands gain cover.

CALL US FREE ON 0800 1075545 or GET A QUOTE

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