Adding critical illness to your life insurance policy is a way of helping to ensure financial protection for lost income, medical expenses and costs associated with your recovery if you are critically ill or injured. It can be added on to a life insurance policy for increased protection. But how does critical illness work and what does it cover?
Critical illness cover pays out if you are diagnosed with a serious illness or injury. It is intended to help with lost wages and expenses associated with your recovery. Some even use it to make necessary adjustments to their home if they become disabled as a result of an accident or illness.
What’s covered by critical illness?
What’s covered by critical illness varies depending on the provider. Not only that but the severity of how you’ve been affected by the condition may affect whether or not you can claim critical illness. So, for example, different types or stages of cancer may be covered under your policy.
To find out what’s covered, you’ll have to review the individual policy details. Comprehensive critical illness policies typically cover several conditions including heart attack, stroke, severe head injury, cancer (non-terminal), and organ transplant. It’s not just illnesses that may be covered as some policies also cover physical disabilities caused by serious injury too.
What isn’t covered by critical illness?
Some conditions and illnesses might not be covered by your policy. Some policies don’t cover organ failures, organ transplants, permanent disabilities resulting from illness or injury. As you can see, it really does come down to the individual policy details. It’s important that you look into these details before taking out cover, you can do so by reviewing policy documents.
It’s important to note that you won’t be covered for pre-existing health problems you’re aware of at the time of taking out your policy.
Who might need life insurance with critical illness cover?
If you’re concerned that you and your family would struggle to get by financially if you were injured or diagnosed with a serious illness, then you could consider life insurance with critical illness.
Yes, life insurance protects your loved ones if you pass away - but have you considered what might happen if you were no longer able to provide for your family due to a serious medical condition or disability? Critical illness can help to provide some financial security for you and your loved ones.
Does critical illness pay out when you die?
If you choose to add critical illness cover to a life insurance policy with Choozi, you can expect to receive a payout should you become critically ill or injured. That is as long as the condition is covered by your policy.
If you do claim your critical illness benefit, your life insurance will no longer be in place. Choosing to go with life and critical illness cover means there will only be a payment on the first event. This means that if you are diagnosed with a covered illness during your policy term you will be paid the full amount of your critical illness benefit. From then on you will no longer be covered for life insurance and may need to look at getting a new policy in place.
How to get critical illness cover
If you feel that you could be getting more from your life insurance policy, you should consider life insurance with critical illness. It can help to provide an extra layer of protection for you and your loved ones. We help you easily compare life insurance and critical illness offers from leading UK insurers. With Choozi, you’re just a few steps away from protecting yourself and your loved ones.