Critical Illness Insurance

Critical Illness Insurance pays out a tax free lump sum in the event of you suffering a serious illness or if you have to undergo certain types of surgery. This lump sum is aimed to alleviate the extra costs of living with a particular condition. Almost 90% of all critical illness cover claims are for one of the following: cancer, coronary artery bypass surgery, heart attack, kidney failure, organ transplants and strokes. These are defined as the core illnesses. If there is a hereditary illness in your family the insurance company may insist that this is excluded from the policy.

Critical illness insurance may well make sense for you unless you have substantial savings or other sources of income other than your primary income. How much you should be covered for depends on your circumstances, but before thinking what you could currently comfortably live off, take the following into consideration. If you were to contract a serious illness making earning a living extremely difficult or impossible, you may like to pay off your mortgage and have money available to make alterations to your home, for instance putting in ramps and a stairlift if you were wheelchair bound.

Critical illness insurance is often bundled in with a life insurance policy. If you choose one of these make sure that it covers exactly what you want it to. A bundled product is cheaper than two individual ones but may only pay out once. For example, if you contracted a serious illness and then died after a period of time, you might find that the bundled policy does not pay out on death after having already paid out for the serious illness. Separate policies would pay out for both and are preferable even if they are more expensive.

If you would like a no obligation critical illness insurance quote fill in the form below, or call on 0800 011 20 21.