Critical illness cover pays out a lump sum if you are diagnosed with a condition or illness listed on the policy.
Policies typically cover between 10 and 100 different conditions or illnesses, with the average policy covering around 40. Conditions can include kidney failure, heart attacks, strokes and certain types of cancer.
Critical illness cover can often be added to a life insurance policy or you can take out standalone cover. Having this protection can help relieve financial pressure at a time when life can be extremely challenging.
Critical illness and COVID-19
COVID-19 is not one of the illnesses listed in any critical illness policy but having this type of cover can still prove valuable. If you contracted the virus and it led to severe complications, these conditions may be defined as a critical illness on your policy and you could make a claim.
Pay out rates
Each year the Association of British Insurers publishes the average pay out rate statistics across all insurers. Figures for the whole protection market in 2019 show that a total of 91.6% new critical illness claims were paid, equating to over £1.2bn.
If you’re not sure which policy is best for you, get in touch, we can help you find the right cover.
As with all insurance policies, conditions and exclusions will apply
Catch up on our other blog posts:
The effect of the pandemic on children is immeasurable, the regular routine of school life, hobbies and celebrations evaporated overnight. One survey asked children what made them feel stressed during lockdown and discovered money worries featured high up the list,...
The Green Homes Grant, which allows homeowners in England to claim vouchers of up to £5,000 to pay for energy-saving home improvements, has been extended. Homeowners will now have until 31 March 2022 to complete energy efficient upgrades to their home, rather than the...
With UK shoppers expected to have spent an average of £346 on Christmas gifts over the festive period, now’s the time to check whether your home insurance still adequately protects you. Expensive presents for the kids, electronic items and high cost jewellery, for...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)
For Lifetime Mortgages/Equity Release the fee will be £799.
Our mission is to provide honest mortgage advice, whilst helping you save money.
Get in contact
Or call —02380224925