Cover when you need it most
No one likes to think about becoming seriously ill, and the good news is most of us wont, but with one in six women and one in five men developing a serious medical condition at some point in their lives, it is something we all need to think about. Improvements in medicine have seen 85% of women survive breast cancer, but 83% were hit by financial crisis as a result of diagnosis, which is just one of many scenarios a critical illness plan could help address. Critical illness cover will be there for you when diagnosed with a serious illness, to provide a lump sum to typically help meet the loss in income, pay of off your debts, mortgage or a means to change your surroundings, dependent on your needs.
Your critical illness insurance will pay out if you suffer one of the specified conditions listed on your policy. Your policy will specify how serious the condition must be and not all conditions will be covered. The number of conditions covered varies across providers, but typically share seven key conditions, as required by the Association of British Insurers (ABI):
As well as the above, most policies will also pay out if you are permanently disabled as a result of injury or illness. There are different types of critical illness insurance policies available, so it’s important to know exactly what’s covered when you take your policy. After a successful claim, the policy will end. However, successful claims for people with no other way of supporting themselves can make a big difference in keeping them going financially, just when they need it most.
Some serious illnesses might not be covered by a critical illness policy. For example, some cancers and ‘chronic’ or long-lasting conditions that could mean you can’t work might not be covered. Pre-existing health conditions you knew you had before you took the insurance are very unlikely to be covered. Unless you have a combined life insurance with critical illness policy this type of insurance does not pay out if you die.
Critical illness cover will only pay out if you are diagnosed with one of the illnesses specified in the policy. It will not cover you if you can’t work due to any other illness or redundancy which is more likely to happen. As with all insurances, you need to be sure that you can afford the premiums for the term and the sum assured is adequate for the purpose.
Taking out a Critical Illness policy with Smarter Cover couldn’t be simpler. Use our quote enquiry service to find a selection of critical illness policy options.
Alternatively, you can call us directly on 0800 012 4402. We're a non-advisory service, so whilst we can't offer you any advice, we can answer your questions with facts, not our opinions.