Why cover?
  • affects 1 in 4 women / 1 in 5 men before retirement
  • 94.1% of the critical illness claims are paid
  • protect yourself and your family if you get seriously ill
Why us?
  • get the cover that will pay when you need it
  • save up to 35%, cover from £5 a month
  • free, fast and without obligation quotes
Insurers: Aviva, Legal & General, Liverpool Victoria, Scottish Widows, Vitality, Zurich

Simple Tips to Help You Choose the Perfect Critical Illness Cover for You

Life has unexpected twists and turns and it will be helpful to prepare for the worst. Yes, you hope for the best, but you should also provide protection for you and your family if the worst happens.

Do you need critical illness cover?

Some statistics on critical illness:

  • There are about 290,000 new cases of cancer every year. Considering all cancers, the 5-year survival rate is at 50% (Cancer Research UK). Here is what you need to know about critical illness cover and breast cancer.
  • The incidence rate for coronary heart disease for 2011 is at 270 for every 100,000. (Heart Disease Statistics Update 2012)
  • Heart bypass operations have an actual survival rate of 98.4% while aortic valve replacement operations have a survival rate of 97.3% as of 2009. (HeartSurgery.cqc.org.uk)
  • 3,000 people are diagnosed with multiple sclerosis annually (Multiple Sclerosis Trust). Know more about getting cover if diagnosed with multiple sclerosis.
  • There are currently 800,000 people with dementia in the UK (Alzheimers.org.uk). Know more about critical illness insurance with Alzheimer’s disease in mind.

Being diagnosed with a critical illness is one of these unexpected events. Definitely, this will change your life – and your family’s.Having critical illness cover will provide you with an excellent financial cushion when you are diagnosed with a critical illness.

Don't miss:

With today’s medical advances, you can survive a critical medical condition. This is good news, but this can also mean financial disaster for you and your family. A critical illness will mean extensive treatment – and the accompanying hospital bills. It may also mean that you are no longer able to work and earn an income.

That is why it will help for you to choose the ideal critical illness cover to ensure that you and your family are protected from the financial setbacks of your getting diagnosed with a covered illness.

Tips and Considerations

Here are some considerations that will help you choose the perfect critical illness cover based on your unique needs:

  1. Type of policy.

    You can get a life insurance policy with a critical illness rider. This will cover you both for the critical illnesses, and will also pay when you pass away. A cheaper option will be a combined life insurance and critical illness insurance policy. This will pay once if you either pass away or are diagnosed with a critical illness. You can also consider getting a stand-alone cover. This makes sense if you already have a life insurance policy but would like to strengthen it with an additional critical illness policy.

  2. Kinds of critical illnesses covered.

    You should look at the list of critical illnesses being covered, as this may vary on the insurance company issuing the policy. Of course, you should search for a policy that will cover any illnesses which you think you are particularly vulnerable to. It is also important to consider how each critical illness is defined. There are three types of definitions: ABI, ABI+ and the Provider’s Own Definition. Please note that the longer the list of covered benefits and the better the definitions are, the more expensive the premiums.

  3. Traditional critical illness cover vs. severity based cover.

    Severity-based cover is cheaper than a traditional critical illness, unless the severity based cover provides claims for additional critical illnesses on top of the existing list of critical illnesses. With a severity based cover, you will have more covered illnesses, but the payments will be made based on the severity of the illness – you will usually just get a portion of the sum assured. This means lower payouts for less severe conditions.

  4. Consider your current medical condition and medical history.

    Your medical history and level of fitness should be seriously taken into consideration when you are in the market for a critical illness policy. The insurance company will evaluate your health condition and this can affect not just your premiums but the level of coverage you have. Pre-existing critical illnesses will, more likely than not, be excluded from the cover or will be included but will result in higher premiums. It is ideal for you to get the policy while you are healthy. Buying the cover while you are healthy helps ensure that you get a comprehensive cover.

  5. Can you survive on your savings?

    • The average household debt (including mortgages) is £53,912.
    • 15 million residents of UK could not survive until the weekend if they only relied on savings.

    (Source: CreditAction.org.uk)

  6. Consider your current financial standing.

    If you are on the clear and don’t need to pay for any debts, you can do with a low level of critical illness cover. But if you still need to pay for a number of long-term debts such as a mortgage, it will be good to think about getting a higher level of cover to make sure that you have enough to pay for these loans while you are unable to work.

  7. Consider your family’s situation.

    Are you single and young? It’s best to start with a critical illness policy that can cover your medical treatments in the event you get diagnosed with a critical illness.

    Do you have young dependents? Choose a combined life with critical illness policy with a long coverage period, enough to ensure your family’s financial stability until your children or dependents become financially independent and can earn their own income.

    Are you at retirement age, with most high-ticket debts paid up and your children already finished with college? Get a critical illness policy that is designed to meet the treatment costs of a critical illness.

These are some of the major considerations you should look into to help you choose the policy that is the best fit for you.

Last updated on: 18.1.2013

Share this article:

To protect yourself and your family, save up to 35%, please fill the critical illness cover + life insurance form on the right now.

 

Questions and Answers