Critical Illness Cover
What is critical illness cover?
Critical illness cover will pay out if you are diagnosed with a specified serious illness. Cancer, heart attack and stroke are the three main conditions, though there can be many more. With some policies there are over 50 named conditions. Each condition will have a specific explanation as to what will result in a paid claim, for example some less advanced cancers might not be covered as they aren’t deemed ‘critical’.
Critical illness cover is designed to provide financial support and remove money worries at a time when the focus needs to be on your health. The money can cover everyday expenses but could also be used for private treatment, adapting the home to meet medical needs and/or enabling loved ones to take time out of work to care for you.
Do be aware that not every illness is covered by critical illness insurance, nor does it have any relation on whether you are able to work or not – for that type of cover, please see income protection.
Many policies also offer children’s cover meaning if your child is diagnosed with a serious illness, a lump sum would be paid out to help with treatment or to support the family during this difficult time.
Coverage differs considerably between insurance companies so when choosing cover, bear in mind that the cheapest isn’t necessarily the best value. Your adviser will be able to help you find the best cover for your circumstances.
Is critical illness cover for me?
You should consider critical illness cover if:
You have no other cover to provide you with financial support if you’re seriously ill, such as income protection.
You have a mortgage or other personal debts that you would still have to repay if you were seriously ill.
You have dependants who rely on your income, and/or unpaid work, such as caring duties and other responsibilities within the home.
You have dependent children and want financial support should they be seriously ill.
Protection policies now typically offer many added features and benefits to increase the level of cover offered. Some of these are contractual and boost the coverage offered, others are offered in addition to the core product and can be used irrespective of whether there is a claim made. They can include things like:
- Health MOTs
- Access to remote GPs 24/7
- Retail discounts
- Gym and fitness device discounts
- Counselling and bereavement support
- Legal helplines
- Second medical opinion services
Get expert advice
iMAB have specialist insurance advisers who will review your personal and financial information to provide you with a recommendation. There is no fee for this advice or for handling any insurance application. The adviser will answer all your questions and will talk you through the different types of insurance options available and help you understand which are most suitable for your needs. At iMAB we believe that it’s our Mortgage Advisers’ job to help you buy your dream home, and it’s our Insurance Specialists’ job to make sure you understand what insurance policies are available to help you keep it – whatever life throws at you!
Coming to a decision
We understand that making a decision on what cover you should take to protect yourself and your family is important, and that’s why we encourage you to take your time and to ask your adviser as many questions as you like. Apart from buildings insurance, no other insurance policy is compulsory to take alongside your mortgage. Our advisers will only recommend the cover they feel is appropriate for you and your family. They will also make sure that any policies you choose to take are affordable and so will need you to confirm a budget you are comfortable paying.
Make an application
Once you have decided on the cover you wish to take, your adviser will compare all the relevant products available to you and will recommend the package which is most suitable and fits within your budget. They will provide you with a written illustration confirming all the key facts about the recommended product(s) and will carefully talk this through with you. If you then confirm you would like us to apply for the cover on your behalf, your adviser will arrange a mutually convenient time to do this with you.
Get in touch
Our team of friendly advisers are on hand to answer any questions you may have.
Would you like to give us a little more detail about your enquiry? Or would you prefer to arrange a face to face appointment? Send us an email and one of our advisers will be in touch.
Book an Appointment
You can book a video or telephone appointment via our online diary system. Or, if you would like to speak to a specific adviser, you can contact them through the Our People page. Face to Face appointments are also available. Please contact us for details.
Do you have a quick question or would you like to arrange a face to face appointment? Give us a call and we’ll be happy to help.