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Critical illness cover is often (but not always) added to life insurance. Critical illness cover will pay out a lump sum if you are diagnosed with a specified illness named in the policy.
It is designed to pay out if you are diagnosed with a critical illness or injury – such as cancer, spinal injury, multiple sclerosis, stroke or heart attack. What is defined as a critical illness can vary depending on the insurer, so check the terms and conditions carefully.
Critical illness insurance can be split into two main categories; Level or Decreasing with a choice as to whether the benefit is paid in a lump sum, or as a monthly income to help maintain your financial commitments. The right type will depend on your personal circumstances
Level Term - Benefit remains constant
Decreasing - Usually used for repayment mortgages or where your need reduces over time
Family Income Benefit - pays a monthly income (can be level or decreasing)
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Life insurance protects your loved ones in the event you pass away. You decide on the amount of money paid on your death and the length of time you need to be insured for.
It depends on your personal circumstances. You may want enough money to be able to clear the mortgage/debts, or cover a number of years salary.
Yes you can; it is almost always worth including life insurance with a critical illness quote as the cost difference is minimal. It will also mean that the money will be paid out to your loved ones if you passed way unexpectedly without getting a critical illness first.
No. The illnesses covered and the severity required for a claim varies from provider to provider. This is why it’s really important to not just look at the price of a plan but also how comprehensive it is.
We highly recommend ringing in or contacting us to speak with a specialist who can give you advice as to which provider is best for you. For example do you need a provider who specialises in payouts due to accidents, or a particular illness that runs in your family?
Some providers' policies allow you to modify a number of aspects of your plan using a "guaranteed insurability option":
The sum assured
Remove an individual from a joint plan
It may be possible to "split" a joint plan into individual plans if a couple divorce or change a mortgage to individual ownership
Some people may find it difficult to take out critical illness if they have a serious pre-existing medical condition. Depending on the severity of the condition some providers may increase the price, decline cover, or exclude similar/related illness in future.
However many insurance companies look at conditions in different ways, so just because one company increased the price or declined cover does not necessarily mean they all will.
The best thing to do is give us a call and using our experience we will find the provider who will look at your circumstances in the best light.
Terminal Illness Cover is included for free with most providers. It could pay out if you're diagnosed with a terminal illness and your GP believes that you have 12 months or less to live, rather than on death.
Critical Illness is available when you buy life insurance at an additional cost. It's designed to pay if you're diagnosed with a specified critical illness during the length of your policy. The illnesses considered to be critical sometimes vary dramatically between providers, so it is important to make sure that you are getting good quality as well as a good price
We can help you place your critical illness insurance into trust for FREE when you take out a plan using something called a "split" trust.
This can help you reduce your inheritance tax liability and will generally get the money to your loved ones faster than where probate is required.
Not always; you can choose to take out a plan that will pay a monthly income instead of a lump sum.
Yes, you can cancel a plan at any time however you won't get any money refunded. If you cancel within the first 30 days you will get your first premium returned.
If your policy is placed in trust however you will need the permission of all the trustees to cancel the plan.
This will depend on the type of insurance that you purchase but it is easy to fix your price when you buy your plan. For further information use the links below:
Guaranteed premiums - Fixed price
Reviewable premiums - Price will increase at 5 year intervals
Index linked - Price increases in line with inflation, but your cover goes up too
Age rated - Price goes up each year on your birthday (this is usually expensive over the long term)
Generally joint plans are cheaper, and if you have no other dependants or if the plan is only needed to repay a mortgage, this is the best bet.
However, individual plans are slightly more expensive (as you are covered independently). If you get injured or ill there would be twice as much money paid out, for example if you are both injured in a car accident.