The possibility of becoming seriously ill is higher than the risk of death, therefore it is worth to protect oneself in case such a thing happens, especially that the majority of insurance providers take into account issues such as a heart attack or cancer which unfortunately have been occurring even among young people.
The term ‘critical illness’ means a serious disease which in most cases does not result in death but causes temporary or permanent inability to work and requires significant financial expenses. The pay-out of the amount of insurance may be decided freely by the beneficiary, although it mostly helps people to adapt to new circumstances.
As with the life insurance, this is also a fixed-term policy.
It is important to remember that there are many insurance providers on the market and it is vital to shop around in order to choose the option most suitable for us. The majority of insurance providers automatically take into account critical illness cover for children; usually it is 50% of the amount of the client’s insurance without any additional costs.
Did you know that…?
Critical Illness Cover for £50,000 can be purchased from £16.10 a month?*
*This quote from 12/03/2021 is an estimate only for a 30-year old non-smoking male. Occupation: factory worker. Duration of policy: 25 years, guaranteed premiums. The actual premium will depend on individual circumstances. Provider Aviva.
What’s usually covered?
- Aorta graft surgery – requiring surgical replacement
- Aplastic anemia – categorised as very severe
- Bacterial meningitis – resulting in permanent symptoms
- Benign brain tumour – resulting in either specified treatment or permanent symptoms
- Blindness – permanent and irreversible
- Brain injury due to trauma, anoxia or hypoxia – resulting in permanent symptoms
- Cancer – excluding less advanced cases
- Cardiac arrest – with insertion of a defibrillator
- Cardiomyopathy – of specified severity or resulting in specified treatment
- Coma – of specified severity
- Creutzfeldt-Jakob Disease (CJD) Deafness – permanent and irreversible
- Dementia including Alzheimer’s disease – resulting in permanent symptoms
- Encephalitis – resulting in permanent symptoms
- Heart attack – of specified severity
- Heart valve replacement or repair – with surgery
- Kidney failure – requiring permanent dialysis
- Liver failure – of advanced stage Loss of use of hand or foot
- Loss of speech – total, permanent and irreversible
- Major organ transplant
- Motor neurone disease – resulting in permanent symptoms
- Multiple sclerosis – where there have been symptoms
- Parkinson’s disease – resulting in permanent symptoms
- Pulmonary hypertension – of specified severity
- Respiratory failure – of advanced stage
- Specified heart surgery
- Spinal stroke – resulting in symptoms lasting at least 24 hours
- Stroke – resulting in symptoms lasting at least 24 hours
- Systemic Lupus Erythematosus – with severe complications
- Third-degree burns – covering 20% of the surface area of the body or 20% of the face or head
The above list is only an example of a list of conditions and illnesses that may be covered by Critical Illness Cover in the UK. The final scope of conditions as well as definitions may differ depending on the provider and policy upgrades chosen.
When choosing Critical Illness Cover in the UK or any health insurance, it is worth consulting an experienced adviser in this field who will tailor the policy to your needs, ensuring that you and your family receive the most suitable financial support.
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Would you like to find out more or to purchase critical illness cover?
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