Critical Illness

Critical Illness Cover is an insurance plan that pays out a guaranteed cash sum if you are diagnosed as suffering from a specified critical illness, within the term of the plan. The plan has no cash-in value at any time.

Some 35% of people diagnosed with cancer are aged under 65.* 

*Source: Mintel Finane Intelligence, April 2004, 'Critical Illness Cover -Can the Success Story Continue'.

Should you be unfortunate enough to suffer a critical illness, the last thing you will want to be worrying about is money. Advances in medical science mean that the chances of surviving a critical illness are improving all the time. The cash sum you would receive from a critical illness plan could help you through the recovery period.

You may have to reduce your working hours, need to pay for medical care or have to adapt your house to make your day-to-day life easier. A critical illness plan could help all of this and more.

How much does it cost?

You can add Critical Illness Cover to life insurance plans to provide extra protection against the unexpected. The cost of your cover will depend on the level and period of cover you select as well as your personal circumstances. You can also purchase Critical Illness Cover on its own.

What is a critical illness plan?

Although we would all like to think that it would not happen to us, critical illness is an unpleasant fact. It is a sobering thought but if it does happen to you, it need not be the end of the world. Taking out a critical illness plan can offer you peace of mind and protection against the unforeseeable.

A critical illness plan is designed to offer you protection if you unfortunately suffer a serious illness. Critical illness cover will pay out a cash sum on diagnosis of a wide range of specified critical illnesses such as cancer or heart attack during the plan term. The plan holder can use the cash sum however, they wish. For Example, a married couple aged 35 with two children aged three and five decide to review their financial protection, as they have not done so since their children were born. They realise they have no cover if either of them were to become seriously ill. They decide to take out a Critical Illness Plan.

This means that if either of them were diagnosed with a serious illness, for example cancer, the plan would pay out their chosen cash sum of £75,000. This would enable them to afford childcare and to cover any other outgoings.

Why would I need a critical illness plan?

Should you be unfortunate enough to suffer a critical illness, the last thing you will want to be worrying about is money. Possibly, you have arranged cover for your mortgage in the event you are unable to meet the monthly payments but could you afford the other household bills. Traditionally, it has been men who have taken out critical illness plans.

Women need to consider taking out cover too. Whether you have your own income or work as a house person, looking after your family, your lifestyle will still be affected if you suffer a critical illness. Having critical illness cover could help ensure that should the worst happen your family still receives the support it needs.

Protect your future

Advances in medical science mean that the chances of surviving a critical illness are improving all the time. The cash sum you would receive from a critical illness plan could help you through the recovery period. You may have to reduce your working hours, need to pay for medical care or have to adapt your house to make your day-to-day life easier. A critical illness plan could help you do all this and more.