Critical illness cover

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critical illness cover
Serious illness plans will cover you for more conditions and the severity of that condition will be taken into account. Critical Illness plans will pay out on fewer conditions but could pay out a higher sum as the severity isn't taken into account.

What is a critical illness cover?

Critical illness insurance is designed to provide financial protection in the event you become critically ill during the policy term. It offers a tax-free lump sum payout that you can use as you wish, whether it's to cover health-related expenses, monthly bills, or lost income while you recover.

This insurance covers specific medical conditions or injuries listed in the policy. However, not all conditions of the illness are included. Additionally, the policy will indicate the level of the patient’s severity required for a payout.

Critical illness insurance differs from life insurance, although they may be sold to a customer together. The critical illness policy covers serious illnesses such as stroke, heart attack, certain types and stages of cancer, and even conditions such as multiple sclerosis. Most policies also cover permanent disabilities resulting from injury or illness.

The policy only pays out once, after which it ends. However, some policies offer a smaller payment for less severe conditions or if one of your children has a condition covered in the policy.

How much does it cost to have a critical illness cover in the UK?

Your monthly premium will depend on a number of factors, such as:

  • Age
  • The amount you are insured for.
  • Are you a smoker or have been a previous smoker?
  • Health (your current condition of health, your weight, your family medical history).
  • Your job (some occupations carry a higher risk than others and may mean you have to pay a higher monthly premium).

Do I need critical illness coverage in the UK?

Although it's impossible to predict what health issues may arise in the future, it is possible to ensure financial readiness.

Consider the expenses that need to be covered in the event of a critical illness that prevents you from working. Monthly rent or bill payments, loan installments, or mortgage repayments are just some of them. If you lack sufficient savings, obtaining a coverage like this can alleviate financial stress during the recovery or treatment period.

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