Extra protection with critical illness insurance
We explain what you need to know about critical illness insurance to help you decide if it’s the type of insurance cover you need.
What is critical illness insurance cover?
Critical illness insurance can provide some financial security, if you were diagnosed with a serious illness. A critical illness policy will pay out if you’re diagnosed with a serious medical condition, as defined by the policy.
What illnesses are covered by critical illness insurance?
Most critical illness insurance covers conditions such as heart attack, stroke and certain types of advanced cancer, provided they meet the specific criteria set out in the policy terms and conditions. For example, a heart attack could depend how severe it was and a stroke may only be covered if it results in permanent, debilitating symptoms. Always check exactly what’s covered and look for further details that might affect your right to claim, such as how serious the diagnosis needs to be. Never assume two products are the same.
Many more conditions can also be included depending on the product you choose. The extent of a policy’s cover will be reflected in the premium you pay.
Why might you need critical illness insurance?
If you have a family who are dependent on your salary you may want to put some financial protection in place in case you can’t work due to a serious illness.
How can you buy critical illness insurance?
Critical illness insurance is often combined with term life insurance and paid for together in one monthly premium. If you already have enough life cover, you can buy a standalone critical illness policy.