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What is critical illness cover?
Critical Illness Cover is an insurance policy that could pay out a lump sum if you are diagnosed with one of the critical illnesses or conditions listed in your policy.
Which illnesses are covered?
The most common reasons for a pay out are cancers, strokes and heart attacks but many policies will also cover you for a range of other illnesses too, for example, loss of limb, blindness, multiple sclerosis, major organ transplant and so on. The amount of different conditions covered depends on the provider and it is important to check which illnesses are covered in your policy.
The most common conditions covered are:
- Cancer
- Heart Attack
- Stroke
- Organ Failure
- Loss of limb
- Loss of hearing or sight
- Multiple Sclerosis
- Alzheimer's disease
- Parkinson's disease
What is the lump sum used for?
The lump sum can be used however you wish. It could be used to make adjustments to your home that are necessary due to your condition. If you are unable to work, it could cover lost income. It can also cover multiple trips to and from the hospital. This will vary from person to person and also depend on what condition you are diagnosed with and the impact it has on your life.
Types of critical illness cover
The two main types of critical illness cover are:
- Standalone - This covers you only for the critical illnesses that are listed in your policy.
- Combined - This is a combined critical illness and life insurance policy, which means you are covered for critical illness diagnosis or death, whichever happens first. Once you have made a successful claim, the policy stops. This means that if you make a successful claim after being diagnosed with a critical illness, you are no longer covered for death.
How much does critical illness cover cost?
The price will depend upon the type and amount of cover you require as well as you and your lifestyle (age, smoker status, health history, hobbies etc).
When you speak to us, we can help you work out a suitable amount and type of cover.
Alternatively, you can tell us your monthly budget and we can try to find a suitable cover.
Watch Elliot's guide to critical illness insurance on YouTube.
Critical Illness Insurance Explained in 3 Minutes || 2022 - YouTube