Critical Illness Cover with Life Insurance protects families from financial hardship by paying out a one-off lump-sum if the policyholder suffers a serious illness like cancer or a stroke, or a permanent disability caused by injury, or if they die during the term of the policy.
The money can be used to pay off mortgages and other outstanding debts as well as providing a source of income for everyday living.
Premiums are paid monthly and the cover is set for a fixed period of time, often for the length of a mortgage or up to the age of retirement. The amount of Critical Illness Cover varies according to how much you can afford and how much cover you think you need to pay off debts and provide day to day income.
The cost of the insurance is affected by various factors including the sum to be insured, existing health conditions, lifestyle issues like smoking and high BMI, age, occupation and any regular dangerous pursuits. UK Insurers offer an increasing list of specific illnesses which they will cover beyond the most common like cancer, heart disease and strokes, but each insurer has their own list, and therefore if there is a history of a certain illness in the family, some insurers may provide better cover than others.
UK Insurers offer an increasing list of specific illnesses which they will cover beyond the most common like cancer, heart disease and strokes, but each insurer has their own list, and therefore if there is a history of a certain illness in the family, some insurers may provide better cover than others.