Critical Illness Cover
Critical Illness Cover in Thanet, Kent
What is Critical Illness Cover?
This insurance seeks to minimise the financial hit to your family should you become critically ill. It’s easy to think the worst won’t happen to you, but a serious illness can put enormous stress on a family without the additional financial pressure that can result from an inability to work. This can result in not only loss of income, but you may also need to alter your home to accommodate the illness. For example, move bedrooms downstairs or install a chairlift or ramps.
How does it work?
You will be paid a tax-free lump sum on diagnosis of certain debilitating or life-threatening conditions such as heart attack, certain types of cancer, strokes, kidney failure, major organ transplant and multiple sclerosis. Additional illnesses can be covered, depending on the policy, such as loss of sight or hearing.
The policy can be taken as a stand-alone or as an added option to a life insurance policy. The premiums are guaranteed not to change after your cover starts unless you amend the cover you want. You may even be able to increase your cover without medical evidence. Some policies also automatically include your children, giving you additional peace of mind.
The cover can be suitable for a single person with no-one else to rely on for income during a serious illness as well as a family where one parent earns the majority of the family income. The cost of a policy depends on a number of factors such as the amount of cover required, your age, the list of illnesses to be insured and whether you’re a smoker. Permanent disability is generally covered and is determined by whether you can perform certain day to day activities such as bathing, or whether you can work.
The policy will pay out after a fixed period following diagnosis if you are still alive. The periods can be as short as 14 days. If the policy is a stand-alone then should you die before the period ends then it will not payout. For that reason, critical illness is often combined with a simple life insurance policy so payment is received on the earlier of being diagnosed with the illness or passing away.
The illnesses covered and the conditions to insurance vary between providers. We can discuss this and help identify the right policy for you. As with all insurances, there are certain exclusions, such as existing serious illnesses. Also, the cover will lapse if you do not maintain the premiums prior to the illness. From that stage, waiver of premium cover means you do not have to continue paying the premiums.
The insurance policy will end if premiums are not paid on the policy.