What exactly is Critical Illness Insurance?
Critical Illness Insurance is an insurance policy that works to offer you the protection you require when faced with any one of many critical illnesses. It is a more personal type of insurance cover rather than life insurance, paying a cash lump sum out to the named insurer instead of beneficiaries and next of kin as is in the case of a life insurance policy. On average you are expected to pay slightly more expensive premiums with critical illness insurance than with traditional life insurance cover but that is reflected in the fact that, statistically, you are less likely to die than to suffer a critical illness such as a mental illness (Alzheimer’s) or a stroke or heart attack for example.
Children’s Critical Illness Cover – What is the difference?
As the name suggests, Children’s critical illness cover is designed just as in the same way as adults but covers any eventuality of a critical illness affecting a child’s life. Often coming as a free addition to critical illness insurance cover taken out by adults, children’s critical insurance cover normally provides the same protection for up to 3 of your children. As children are included free of charge on an adult’s policy, you still have to be sure that you fully understand the details of your insurance as each provider can have certain definitions of child cover. Rest assured however, with Critical Illness Insurance we will work to provide the right solution for you.
What level of Critical Illness Insurance do I Need?
In a world where choice consumes us, it is easy to become confused when weighing up certain situations, especially when it comes to insurance policies. Because of the flexible and bespoke nature of many insurance policies out there, you can arrange a particular level of cover to suit your needs and requirements as well as your budget. Any level of cover is better than none and depending on how greater the premium you can afford, then that will calculate the amount your pay out will be if you develop a serious or critical illness. Discussing your policy requirements with our fully trained and professional advisors today, we are the professional experts dedicated to offering you the very best assistance here today.
How Much Will my Critical Illness Insurance premiums be?
On average, Critical illness Insurance costs less than you might imagine, although premiums will vary depending on the different factors and criteria issued by each individual insurance provider. Here at Critical Illness Insurance we aim to make your premiums as affordable as possible for you and reflect the right level of care as to the level of cover you wish to receive. Certain aspects of a critical illness insurance policy will determine how your premium is calculated, such as your current health condition, if you are a smoker and the level of alcohol you consume and aspects such as weight and your height. In addition to these factors, the amount you pay will also depend on the level of cover you wish to purchase.
What are the Conditions that a Critical Illness Insurance policy will cover?
Taking out a critical illness insurance policy is not guaranteed to pay you a cash lump sum just because you are diagnosed with an illness. It is important to understand that the whole reason for taking out a critical illness policy is to assist you financially, helping you to lessen the burden of the financial problems that can arise from suffering a serious, life threatening illness. There are numerous illnesses and a number of definitions that foundations such as the ABI specify need to be properly covered to enable an insurance policy to be classed as a critical illness insurance policy. Some insurers cover for approximately 30 – 40 illnesses and other insurance providers offer many more. Contacting Critical Illness Insurance and discussing your policy requirements will ensure you receive the right cover.
What differences are there between Critical Illness Insurance and Income Protection Insurance?
There is one main difference between critical illness insurance and income protection insurance which is that a critical illness policy will pay out a lump sum cash amount, tax free, unrelated to your occupation or career position when you are diagnosed with one of the associated critical illnesses covered within an insurer’s policy terms and conditions. It won’t however provide any financial cover if you are unable to work.
In comparison, Income Protection Insurance provides you with a monthly payment which is usually a percentage of your monthly salary or wage if you are unable to continue working because of a serious illness or disability that stops you from continuing in your career role. Unconfined to particular illnesses as is in the case of critical illness cover, you would begin to receive your income protection insurance payout after a set period of being off work that is set within your contract (usually 28 – 30 days).
Both can be taken out together and some insurers offer discounts when purchasing a comprehensive policy that covers all your needs and eventualities.
If there are any exclusions for critical illness policies, what are they?
Well obviously this is an area where careful consideration and better judgement come into play. It is guaranteed that there are certain unscrupulous individuals who will try to cheat the system and attempt to gain money claiming against illnesses by lying about their conditions and here at Critical Illness Insurance, we take any claim seriously to provide the most honest service. A list of the most popular exclusions for receiving a payout include: substance abuse and drug related claims including controlled substances and alcohol, events where someone is unable to work because of an injury received through self harm and injuries sustained during war. With the chance of previous medical conditions having a negative effect on a claim you may make. Our advisors are on hand to answer more of your questions and queries today.
