There is no doubt that life can throw some curveballs our way. It’s hard to know what is around the corner even at the best of times. That’s why it can be important to know that you are covered no matter what happens. With critical illness cover you can have a plan in place should the worst come true.
What is critical illness cover?
Critical illness cover is a type of insurance that will pay out a tax-free lump sum if you are diagnosed with a serious illness that is insured under the policy.
With this pay-out, you can choose to spend the money how you want. This could replace your income, pay for hospital bills or even pay for a recuperative holiday.
What is the difference between life insurance and critical illness cover?
Critical illness is a type of insurance that pays out a tax-free lump sum if you have been diagnosed with a life-threatening illness. The illness that you are diagnosed with must be included on a list of covered conditions that is provided by the insurer before you buy the cover.
Life insurance pays out a lump sum if you die. Generally, this is paid out to the loved ones of the deceased. With critical illness cover, there does not need to be a death for the benefit to be paid out.
What are the different types of critical illness cover?
With Critical Illness Cover, there are usually two different types available. You can either get additional cover or combined cover.
As the name might suggest this will involve a pay-out if the life insured is diagnosed with a critical illness and when they pass away.
With combined life insurance and critical illness cover, there will usually only be one pay-out when either the insured life ends, or the person insured is diagnosed with a listed critical illness. Combined cover is the type of cover that you will find on Choozi.
It’s important to take into account whether the policy is joint or single. With a joint life insurance policy, it could be the case that the payment would be made just once depending on the circumstances.
What conditions are usually covered with critical illness cover?
The types of conditions that are usually covered can vary depending on the insurer, but some commonly covered illnesses include:
- Heart Conditions
- Some Forms of Cancer
- Kidney Failure
- Major Transplant Surgery
As you might expect, it is important that you read over the policy documents in detail. This way you can make sure that you are getting the right cover for you.
Our article on what is and isn't covered by critical illness cover goes into more detail on this.
How much does critical illness cover cost?
With Critical illness, it can be a separate coverage that you can buy on its own or as optional cover with policies. Like with any type of insurance cover, the costs involved would vary.
While considering the cost you need to consider things that are personal and unique to you. Things like your age, lifestyle, health and level of cover are some of the key things to consider when it comes to critical illness cover.
One thing you will not have to worry about is cost. With Choozi, we search among some of the leading providers in the UK. So, once you have filled your details you can be confident that you are getting the right price. We make it easy to find the right quote for your own personal situation.
Is it worth getting critical illness cover?
The impact of a diagnosis of critical illness on a family can be profound. Suffering from a life-changing illness can be stressful enough on a family and the last thing that you would want to think about would be the finances involved. Unfortunately, hospital fees can sometimes be costly and if it were to strike the primary breadwinner and the loss of income can have a massive impact.
Getting critical illness cover could help with all of these concerns. It could help to provide you and your family with some peace of mind.
When should you consider critical illness cover?
There is no perfect time to get life insurance and the decision lies with you. Yet, like regular life insurance, critical illness cover should be considered at a couple of key stages in life. Milestones like getting married, having kids or having significant loans can be good times to consider it. Like with Life Insurance, if you have something you’d like to protect, then it could be the right time.
Adding critical illness cover to your life insurance policy
Life can offer a lot of uncertainty and it seems like this is the case now more than ever. So, it makes sense to have a plan in place. Critical illness cover could offer protection for your family and those you care about most. With this kind of cover from Choozi, you could get on with life and enjoy what is important to you. It could give you confidence that your loved ones are protected should you fall ill. With Choozi, you will be getting a quote that is tailored to your needs. You can spend less time worrying about what is around the corner and spend more time enjoying what is happening now.