Guide to Critical Illness Cover
What is Critical Illness Cover?
Critical illness cover provides financial support if you were to contract what your insurance provider deems as a critical illness. These can include various types of cancer, heart attacks, strokes etc. In the past these conditions usually led to death, but with advances in medical science more and more people survive and regain a normal life. Usually there is a period of convalescence and a reduced income, so the lump sum payment from a critical illness policy removes some of the financial stress caused by these events.
Each insurer and every policy is different and there can be exclusions and limitations, so it is very important to read and understand the terms and conditions of your chosen policy to double check the conditions you are covered against on the critical illness policy.
Why is Critical Illness Important?
Critical illness cover gives you security in knowing that you are covered if you are diagnosed with one of the major life changing illnesses included within your policy. Coming to terms with a serious illness is a difficult and emotional time in your life, therefore easing your financial worries with critical illness cover could help.
You could potentially repay your mortgage or make alterations to your home following an illness or if you needed to hire help. Critical illness gives you the support you need to enable this to happen and lets you get on with your life.
How to buy Critical Illness with comparethemarket.com
Critical illness can be added as an extra to a level term, decreasing term or mortgage life insurance product or can be brought on its own. Critical illness cover can either be in single or joint lives and would pay out on diagnosis of an insured illness for the first insured person to be diagnosed.
Important things to remember…
Every policy is different and every provider will offer different amounts of cover with variant terms and conditions, it is important to always read the policy information before you buy to make sure you have the cover that you need. Some life insurance policies may include a product called terminal illness cover. This means that you've been diagnosed with a terminal illness as being expected to die within 12 months of diagnosis.
If this were to happen your full cover amount would normally be paid out as a cash sum to the appropriate legal beneficiary.
Usually, this benefit will not pay out if it is close to the end of the selected term, around the last 18 months. As always, different companies have different rules therefore please read the terms and condition of the policy.
This cover is different to critical illness and should not be confused with it. Terminal illness cover only pays out when a terminal illness is diagnosed and will in most cases pay the sum assured before you die giving you access to the funds to make financial arrangements. Dependant on the illness, critical illness can pay out a lump sum when full recovery is possible
By comparing life insurance and critical illness with comparethemarket.com you can compare prices from some of the market’s leading providers that could save you money! Please note that receiving a quote via comparethemarket.com does not guarantee that an insurer will accept you for the policy. Have a look at how much you could save today and compare life insurance now.
More Information…
If you would like more information about life insurance, have a look at the comparethemarket.com life insurance: a quick guide, or if you would like more information on getting a good deal on your life insurance, have a look at the comparethemarket.com saving money on your life insurance article.
Important: comparethemarket.com does not offer financial advice in respect of life insurance products. If you are in any doubt as to whether this product is suitable for you, you should consider seeking independent financial advice.