Critical Illness Insurance

This insurance policy is designed to pay out a lump sum benefit in the event that you are diagnosed with a serious or critical illness.

What is classed as a Critical Illness?
Providers have their own definitions of a critical illness and each policy is unique so it’s important to read your policy documents carefully before signing up.

Common types include;

• Cancer
• Multiple Sclerosis
• Kidney Failure
• Stroke
• Heart Attack

How is this paid and what does it cost?
Insurance Payments can be made either monthly or annually.

The amount your policy costs depends on;

• how much cover the overall policy is for
• your personal circumstances
• your general health at the time of your application
• your family history of illness
• the amount you wish to pay

How much cover is required?
The amount of cover required depends on the amount you think you would need in the event of suffering a critical illness.  Estimate what effect your loss of income would be and what money you would need to compensate for if you were unable to work due to a critical illness.

Read the small print
As always, it’s important to be fully aware of the terms and conditions of your policy.  This is particularly important for Critical Illness Insurance cover as you do not want to pay monthly premiums then find that you are not covered when you need it!

Get professional advice
It’s worthwhile seeking the help of a professional financial advisor with experience in Critical Illness Insurance, if you are considering this cover.  This advice is available free-of-charge and brokers can often provide discounted rates.