Critical Illness Cover
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What is critical illness cover and what is covered by this insurance?
Critical illness cover is just as it sounds – it’s an insurance that pays a lump sum if you are diagnosed with a critical illness such as some forms of Cancer, heart attack and stroke.
Many different conditions are covered by this policy, depending on whether you go for basic cover or if you choose for a policy with all the bells and whistles.
How does critical illness cover differ from life insurance?
It’s all about the illness part. Life insurance pays out if you were to die or you were diagnosed with a serious illness, where a doctor tells you that you’ve got less than 12 months to live.
Critical illness cover will pay out if you were diagnosed with any of the conditions listed in the policy. Even if you get better from your critical illness, you keep that money. We know many people who’ve had cancer treatment and have fully recovered, and the money from their policy has helped them through the recovery process.
None of us have a crystal ball to see what’s around the corner. But if you’ve got critical illness cover, at least you know if something unforeseen is diagnosed you will get a payout from your insurance. Then you can decide what to do with it.
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Who is critical illness cover for? Can anybody get it?
It’s definitely worth having. Unfortunately illness is not just something that happens in older age. Young people can be diagnosed with a brain tumour, cancer, a stroke… any of those awful things that all of us want to avoid.
We like to think we’re young and healthy and it’s not going to happen to us… but we can’t be certain. Some critical illness cover is definitely worth having.
Can you combine life insurance and critical illness cover?
Absolutely. Yes, you can get a policy that will cover you for life insurance and critical illness cover, or set them up separately. It can be cheaper to combine them both and take a policy that will cover you for both eventualities.
What sort of costs are involved?
Because there’s more chance of the insurance company paying out, critical illness cover is a bit more costly. The price depends on your age, your smoking status and other factors. Your Body Mass Index is something that they take into account – so they look into whether you’re overweight or underweight.
Pre-existing medical conditions will also make a difference to the premium you will pay. You can choose how much cover you take, or we can work to a budget. It’s always better to get you some cover rather than nothing.
What else do we need to know about Critical Illness Cover?
There are lots of different insurance companies and they all offer something different. We can work it all out for you and find the critical illness cover based on an analysis of a number of insurers that is most suitable for you and your family.
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