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Critical Illness Cover - What is it?

Critical illness insurance is a policy closely related to life insurance but dealing specifically with life threatening, life -limiting or other serious illnesses. Under this cover you can expect to receive a tax-free ‘lump sum’ if you are diagnosed with one of the illnesses specifically covered by your insurance policy. This cover can be tailored to pay off your mortgage, debts, or pay for alterations to your home such as wheelchair access should you need it.

Critical Illness cover is frequently offered as a 'bolt on' to a life assurance policy as an additional benefit but it can also be a standalone plan.

What does critical illness cover?

Critical Illness cover will pay out if you suffer from one of the specified medical conditions or injuries covered under your policy. However, it is important to be aware of exactly what your policy will cover, as the number of conditions and level of benefit for each condition listed can greatly vary from provider to provider. The policy will also specify how serious the condition must be to receive a payout. Examples of critical illnesses are:

  • Cancer
  • Heart attack
  • Stroke
  • Multiple Sclerosis
  • Parkinson's Disease
  • Alzheimer's

Some policies will also pay out if you are permanently disabled as a result of injury or illness and certain insurers will also provide Children's Critical Illness cover as an integral part of your plan.

What is not covered by critical illness insurance?

It is best to examine closely the illnesses and diseases which are covered by your policy as cover can vary significantly from provider to provider. In addition, health problems you knew you had before you took out the insurance are also very unlikely to be covered (such as heart disease or cancer).

Unless you have a combined life insurance with critical illness policy this type of insurance does not pay out if you die.

Who is it for?

This type of plan is designed for people who would like to receive a lump sum if they are diagnosed with a critical illness. This lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work.

It's important to understand that the quality of cover and the illnesses covered can vary significantly between different providers. That is why it is good advice to discuss your requirements with an impartial Financial Advisor, like Personal Mortgage Solutions, who will be able to offer you expert, whole of market advice ensuring you set up the policy, which is most suited to your individual needs.

To find out how Personal Mortgage Solutions can help you find the right Critical Illness cover at the right price simply call 0800 345 7075 or email info@personalmortgagesolutions.co.uk


As with all insurance policies, conditions and exclusions will apply.

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