What is critical illness insurance?

Critical illness cover provides you with a tax-free sum of money if you are diagnosed with a life-altering illness.

How does critical illness work?

When you take out critical illness cover, with an insurance provider, they will have a predetermined list of specific illnesses their policy will cover. If you are diagnosed with one or more of the specific illnesses on that predetermined list then you will receive a tax-free sum of money. The kinds of illnesses that are covered are usually long-term serious conditions such as some forms of heart attack, stroke, amputation or paralysis, cancer, multiple sclerosis or Parkinson’s disease. Some insurers also offer partial payouts for serious illness definitions, such as less advanced cases of cancer.

Are my children covered on my policy?

Some insurers offer additional benefits such as Children’s Critical Illness Cover which can be free as part of a parent’s policy. Children’s critical illness covers many childhood cancers, strokes and benign brain tumours, all of which are the most claimed for illnesses.

Childrens Critical illness insurance is available as an optional feature of selected protection policies and is not available as a stand-alone product. Any premium payable for this benefit is in addition to the cost of the core protection policy and may be subject to its own terms and conditions’

How do I pay for my Critical Illness Insurance?

You will usually pay a monthly amount for your critical illness insurance which is called a premium. You must continue to pay your premiums as if you do not your policy will expire and you will not be covered. It is good to review your policies when there are any significant changes such as getting married or having a family.

Do you need critical illness insurance?

Whether or not you need critical illness insurance depends on your circumstances, financial situation, and personal preferences.

It's important to carefully evaluate your situation to determine whether critical illness insurance suits you. Suppose you have a family history of serious illnesses, such as cancer or heart disease, or are concerned about the potential financial impact of a severe illness. Suppose you do not have sufficient savings or other insurance to cover the costs associated with a critical condition. In that case, critical illness insurance may be worth considering.

Which critical illness policy is right for me?

We know it might be difficult to know what cover is the best for you but our expert advisors are on hand to offer fee free advice. Contact us for a free no-obligation quote.