Critical Illness Cover.

Critical Illness Cover.

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Is Income Protection Insurance Right for You?

If you would struggle to make ends meet if you were unable to work due to injury or illness, you should consider income protection insurance. Almost a million people every year are unable to work due to injury or illness, and most of them cannot cover their expenses for very long without additional support. Income protection insurance is a good option for anyone who wants to ensure that their income will always be protected.

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Further Reading...

What is Critical Illness Cover?

This cover is a type of an insurance that pays you and your loved ones a lump-sum if you are unable to work due to one of the illnesses defined in your plan. You pay a monthly payment (premium) in order to insure yourself. Some plans will also pay out if a child becomes seriously ill and you can no longer work. Having an insurance provides peace of mind that your family’s finances will always be taken care of.

How much does critical illness insurance cost?

This will vary according to your age, health, and coverage needs. Plans can start at £20 per month for young and healthy applicants, sometimes even less. They can get up to £100 or more for applicants over 50.

What illnesses are included in the insurance?

Different providers will define “critical illness” in different ways, but almost all include stroke, heart attack, and some forms of cancer. It’s important to read the list of illnesses included in your plan – some will be very long, some will be shorter. The illness must be severe and usually result in permanent symptoms. However, this is all dependent on the specific policy and insurer that you end up using.

What if I develop a less serious illness?

Many providers offer a partial payout for illnesses that are less severe, as defined by the policy. Typically the payout will be around 20% of what you’d receive for a severe illness. If your condition worsens or you become critically ill again, it is still possible to receive the rest of your payout.

Does critical illness insurance cover pay out if I pass away?

Many providers do not pay out if you die, but some will, as long as you live for a certain amount of time. For most providers, the time period is 10-14 days.

What if my children become critically ill?

A lot of plans have the option to include children in your critical illness insurance at no extra charge, however the payout is usually more limited.

What does critical illness insurance pay out?

This will depend on your policy, but typically the higher your premium, the higher your payout. Average payouts tend to be around £45,000-65,000. It’s common for providers to offer plans ranging from £10,000-200,000.

Is the critical illness cover payout tax-free?

Yes, your insurance payout is not taxable.

How can I spend the money from my critical illness insurance?

You can use your payout however you’d like. Many use it to cover emergency medical bills, pay off debts, or pay a mortgage. If possible, it’s wise to invest the lump-sum so it can continue to generate income for you and your family.

Can I get my illness cover as part of a life insurance plan?

Yes, many life insurance providers offer an option to include this cover. In fact, most providers don’t even offer it separately but rather as part of a larger insurance bundle such as life insurance and critical illness cover.

How can I get covered now?

This one's easy! Click here to get yourself a free critical illness insurance quote.

Frequently Asked Questions

What is life insurance?

Life insurance is a type of insurance policy that pays out a lump sum of money to your family & dependents in the event of your death.

Life insurance is one of the most generous things you'll ever purchase. By purchasing a life plan, you can make sure that the people you love the most are well looked after should the worst happen.

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Read more about critical illness life insurance >

Read more about income protection life insurance >

Which type of life insurance cover is right for me?

There are three main types of life insurance cover - these are:

Level term insurance policies pay out if you die within a fixed timeframe which you choose up front. Premiums and pay-out stay the same, regardless of whether you die on the first day, or the last day of the policy.

Learn more about level term life insurance >

The whole of life policies guarantees to pay out regardless of when you die – with no fixed time limit. These are normally more expensive, but you can get lower monthly costs by taking out an Over-50s policy.

Learn more about whole life insurance >

Decreasing term insurance policies are usually aimed at covering the remaining debt on a repayment mortgage if you die. These policies usually have a set timeframe and the pay-out decreases over the policy term – usually in line with the remaining mortgage debt. There are other tailored life insurance plans (such as Critical Illness Cover, Income Protection and Mortgage Protection).

How much does life insurance cost?

This really depends on your own specific circumstances, but the average UK monthly life insurance cost is roughly £8.50 (but can be as little as £5 per month). The factors that have an impact on your life insurance costs include:

Age: Usually, life insurance rates increase as you age. If you are already over 50.

Health: Do you smoke? Any chronic conditions? These could have an effect on the cost of your life insurance.

Read more about critical illness insurance here >

Gender: Statistically, women live longer - and pay lower life insurance because of it.

Occupation: Some jobs require more health risks - if you're a sky diving instructor, you will most likely be paying more on life insurance than the typical office worker.

Examination: A thorough medical checkup will let the insurer know if you're low risk - meaning your monthly payments will be lower.

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What is Critical Illness Cover?

Critical Illness cover will protect you if you were to become critically ill. Normally, the illness will need to be listed within the policy agreement and will have to be during the term of the policy.

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Read more on term life insurance >

Is Critical Illness cover right for me?

Critical Illness cover could help you supplement your income and pay for treatment if you are unable to work due to being diagnosed with critical illness. It can help you meet your expenses by paying a tax-free lump sum to you.

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If you are specifically looking to maintain at least 60% of your income if you are diganosed with a critical illness you may want an income protection insurance quote.

Read more about income protection insurance >

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How much will I leave behind, if anything were to happen?

Again, this is largely dependent on the type of life insurance policy you decide to take out. The average life insurance payout is roughly £51,000, but with certain providers, this average raises to over £115,000.

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However, these averages are basic indications on how much your dependents would receive in the case of your death. Unfortunately, there is no sure-fire way to know how much would be paid out, and your best bet is to get a free quote and see for yourself.