Critical Illness Insurance is a type of insurance policy that specialises in covering an individual who potentially could suffer with an illness listed in their policy in the future.
When taking out the policy, you must mention any underlying medical conditions due to some illnesses not being in the cover. The policy could void in the event of a claim if you fail to disclose any underlying medical conditions.
The one-off payment could go towards finances for your mortgage, medical or home modifications, if this is needed.
Critical Illness Insurance will cover pay out of specific medical conditions or injuries that are stated in the policy.
Not all instances of a particular illness will be covered. In the policy, it will state certain conditions that are covered and define these in the policy documentation.
Some customers confuse themselves with critical illness cover with life insurance. The difference between them is what they cover but both insurances can be purchased together.
– Heart Attack
– Certain types and stages of cancer
Permanent disabilities resulting from injury or illness and other illness not stated will be considered within the policy.
The policy may not list more severe forms of cancer and conditions as they might not get covered. Potential health conditions that you weren’t aware of won’t be covered before you took out the insurance, also this type of insurance doesn’t pay-out if you pass away.
The policy details will provide you with what is covered and what’s not to make you fully aware and check all documentation to make sure they protect your needs.
Many insurance products can provide you with peace of mind should something go wrong. You can find out more in the links below:
– Do you need life insurance? This product will provide some financial support to your dependents if you die.
– Do you need income protection insurance? This type of insurance provides regular payments if you’re unable to work due to illness or injury.
– Do you need mortgage protection insurance? This umbrella term is used for various types of cover to help protect borrowers from any unfortunate events or circumstances that would prevent them from keeping up their mortgage payments.
Insurance is always a massive benefit. All our customers are offered a free, no-obligation protection review where we’ll assess the suitability of the existing policy we have for you.
Our Mortgage Advisor in Leicester can design the type of cover that will be most suitable for your family’s priorities and budget especially when affordability can be key in your situation.
Date last edited 06/07/2021