Critical Illness Cover
Critical illness insurance is similar to life insurance in that it pays out a certain amount if a certain event occurs to you or your partner. In the case of a critical illness policy you can expect to receive a tax-free lump sum if you are diagnosed as having a specific life-threatening condition. The exact condition will be defined in the policy. Understanding this can sometimes lead to confusion so it is always best to clarify with a professional exactly what is covered.
Some policies will combine life and critical illness cover. As this suggests you will be covered in the case of a critical illness or dying , whichever comes first.
Here are some that are mostly never covered
· Self-inflicted injury
· Alcohol or drug abuse
· Flying - (not counting normal passenger flights)
· Engaging in hazardous sports and pastimes
· HIV- and Aids-related illnesses not caught from a blood transfusion and a few other ways.
· Unreasonable failure to follow medical advice
· War
· Riot or other civil commotion
Very few policies will pay out as soon as you receive diagnosis of any of the conditions listed in the policy and most pay out only after a "survival period" of typically 28 days. This means that if you die within 28 days of meeting the definition of the critical illness given in the policy, the insurance would not pay out unless it included life insurance also.
Also there I normally a "survival period" meaning that you are often not covers for the first 28 or so days of a policy. It is always worth knowing exactly how long this period is.
It is vital when buying critical illness insurance, as with all insurance, that you are honest and exact about any past illnesses or things that you think may affect a claim.
The amount you pay is called a insurance premium and will depend on many factors not least your age, gender state of health and exactly what you want covering.
How much you pay for critical illness cover will depend on a range of factors including what sort of policy you have chosen, your age, the amount you want the policy to pay out and whether or not you smoke.
When it comes to making a claim you may be required to see a consultant who is a specialist at a UK hospital. Just getting a Doctor's note is very rarely enough. Claiming can be stressful especially on top what is already a difficult time.
This is why it is always worth talking to us before buying your Critical Illness Insurance cover. We have a lot of experience and should the worst ever happen you can feel assured that you have purchased the most appropriate policy for you.
Please note: Not all forms of cancer, strokes and heart attack are covered by a critical illness policy
