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
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