At Freedom Advice, we want to help you prepare for unexpected events. Critical illness cover is a type of insurance that provides financial security if you or a loved one is diagnosed with a serious illness or injury.
Critical illness cover is a policy that can be added to your life insurance, which provides a lump sum payment if you are diagnosed with a specific illness. This payment is tax-free and can be used to cover expenses such as health-related costs, loss of income, or adjustments to your home.
To receive a payout from your critical illness cover, you must be diagnosed with a specific illness listed in your policy. Critical illness cover can be added to your life insurance for an additional fee. If you keep up with your policy payments, you will be covered if you are diagnosed with a critical illness.
The types of illnesses covered by critical illness insurance vary depending on the policy. Generally, critical illness insurance covers illnesses such as heart attacks, strokes, non-terminal cancer, multiple sclerosis (MS), Parkinson’s, organ transplants, severe head injuries, and physical disabilities from an injury.
It is important to note that critical illness insurance does not cover death related to the illness. If you want coverage for both critical illness and death, you may want to consider a life insurance policy with critical illness cover.
Anyone can be affected by a critical illness, so it is important to consider how you would cover expenses if you were diagnosed with a serious illness and could not work. If you are worried about the financial impact of a critical illness, critical illness cover may be a good option for you.
There are two types of critical illness insurance:
The cost of critical illness cover depends on various factors such as the amount of cover you are looking for, age, health, lifestyle, pre-existing medical conditions, current personal circumstances, and how long you want the policy in place for.
To be eligible for critical illness cover, you must be a UK resident and over 18 years old. Your lifestyle and medical history can affect the level of cover you can get and how much you pay for it.
If you decide that critical illness cover is not for you, we can advise you on other financial protection services such as income protection insurance and life insurance.
At Freedom Advice, our team of experts can help you find the most suitable policy for your needs. Contact us today to schedule a consultation with one of our advisors.