A diagnosis of critical illness is not something anybody wants to imagine facing. Even though we are fortunate enough to be better placed to survive some diseases than ever before, critical illness is a profoundly distressing and disruptive event.
It is possible to help ease the stress such a diagnosis can cause by taking out cover that provides finances while you undergo treatment and start on the road to recovery.
What is Critical Illness Insurance?
It is there to provide protection if you are diagnosed with a critical illness or need to undergo a major medical procedure. The cover is for specified illnesses and procedures, and provides you with a one-off payment in the event of a diagnosis, or surgery and treatment.
Who needs a Critical Illness policy?
Unfortunately, critical illness can strike anyone. That is why a Critical Illness policy is recommended to everyone, including single people, and especially those with a family or partner who depend on their income.
Can I have a joint policy to cover myself and my spouse?
I have Life Insurance. Why would I take out Critical Illness cover too?
According to the Office for National Statistics (ONS), people of working age are four times more likely to get a critical illness than they are to die. While advances in care and groundbreaking new treatments improve our chances of surviving a critical illness, they come at a cost – and many people simply can’t afford it. This is why Critical Illness cover can make a life-changing difference to you and your family. Many people choose to take out a Critical Illness policy on top of their Life Insurance cover. Bear in mind that Life cover pays out only on death or terminal illness.
I have Health Insurance. Why would I need Critical Illness cover too?
When you are ill and receive treatment or surgery, your Health insurance policy pays the cost directly to the hospital and other medical professionals who provide your care. A Critical Illness policy pays you. Critical Illness cover also provides support for daily living expenses, covering debts, and loss of income. Health Insurance doesn’t.
What Critical Illnesses are covered?
The most common illnesses are cancer, stroke and heart attack. Most Critical Illness policies cover an average of 39 diseases and conditions. Your policy could cover you for more than this, depending on the level of cover you choose. It is best to talk through the different policy options with an independent expert; we have experienced, impartial consultants who can help you find the right policy for you.
Does Critical Illness cover all cancers?
No. Insurers have different rules on which cancers they cover, and which ones they don’t. We can help you understand the distinctions and fine print on your chosen policy.
Can I use the benefit of Critical Illness cover however I want?
Yes, it is up to you to use any benefit you receive after making a claim as you wish. In many cases, people use the money to fund further treatment, using some of the benefit to meet financial commitments while they take the time to make a full recovery before returning to work.
How is a claim paid?
There are two ways: as a lump sum, based on the amount insured; or it can be taken as a Family Income benefit, which is paid out as regular monthly income for the remaining length of the contract period.
Can I claim for more than one covered Critical Illness?
No. Once you claim on a covered Critical Illness policy, that policy comes to an end. There is a reinstatement option, but it is important to bear in mind that you need to select it at the time you take out the policy.
What is the waiting period?
This is usually 14 to 28 days, and is the period of time that the insured must survive after diagnosis of a Critical Illness.
Why choose Premier Choice?
We are known for our award-winning, independent advice and guidance on a wide range of policies from all the major insurers. Our expert and experienced consultants are here to help you to plan for the unexpected. Premier Choice has long-standing relationships and a solid reputation within the industry, helping us to help you receive the best possible premiums and the best-quality cover.
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Want to know more? Call free on 0800 970 1618 or click on the link below to enquire online. Speak to a member of our team to see how we can tailor a package to suit your specific needs and receive a FREE no obligation quote.FREE Quote