Critical Illness Insurance

Man with his partner suffering with a critical illness

A critical illness can cause as much ‘money worry’ as death; in fact, it could be even worse, financially, than death, as the critically-ill person has to be cared for. Life insurance pays out if you die. If you become critically ill, but don’t die, your life insurance will not pay out. Critical illness cover is designed to pay out a lump sum if you suffer a critical illness, for example, a heart attack, cancer, or stroke.

Mike’s Story

In 2005, I saw Mike to arrange a mortgage for him. I recommended that he take out life and critical illness cover that would pay-off the whole mortgage in the event of his death or critical illness.

I also recommended that he take out income protection that would provide him with a tax-free, index-linked monthly income until his retirement age, in the event he could not work due to ill-health.

Mike chose not to take out critical illness cover; a decision, with hindsight, he was soon to regret.

He did, however, take-out income protection cover, albeit not for the level of cover that I had recommended, but for a lower amount of benefit. Mike came to rely on this cover to keep his home.

Apart from the usual colds, etc. Mike had enjoyed good health all his life. However, in early 2006, and only 41 years old, Mike felt the first symptoms of what would be diagnosed as multiple sclerosis.

In September 2012, Mike tells the story of what happened next…

It can be taken out for any reason, however, it is most commonly taken out to cover a mortgage or other loan, to ensure that the debt is repaid in the event of critical illness. (It could perhaps be argued that having your debts paid off if you are critically ill, is itself, an aid to recovery.) If a claim is paid out on a critical illness policy, and in the event that the insured person subsequently makes a recovery to full health, he or she keeps the money.

With critical illness cover, the ‘devil is in the detail’ as the critical illness cover covered by a policy varies enormously, not only between different insurance companies, but also vary depending upon when the policy was taken out, as insurers change their critical illness policy cover definitions from time to time.

It may be possible, if you have an existing critical illness policy, to change your policy for a newer policy with improved cover; however, this is only something that should be done with great care. I provide a specialist service in reviewing critical illness policies and would be able to review your existing policy to see if you could improve your cover; and it may be possible to have a substantial improvement in your cover, please contact me for a review, or if you are simply considering taking out critical illness cover.

A comprehensive critical illness policy can cover many serious medical conditions, such as:

  • Alzheimer’s Disease
  • Aorta Graft surgery
  • Benign Brain Tumour
  • Blindness
  • Cancer
  • Coma
  • Coronary Artery By-pass
  • Deafness
  • Heart Attack
  • Kidney Failure
  • Loss of Limbs
  • Loss of Speech
  • Major Organ Transplant
  • Motor Neurone Disease
  • Multiple Sclerosis
  • Paralysis
  • Paraplegia
  • Parkinson’s Disease
  • Stroke
  • Third Degree Burns
  • Critical Illness Cover for Children

The above list is not comprehensive and is a generic guide only, the illnesses covered will vary between different insurance company’s policies. The exact cover will be detailed in the policy.

Please contact me for expert advice on your critical illness cover needs.

Please note, it is very important that you do not cancel any existing cover until a review has been completed and if necessary, a new policy set up.

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What do our clients think?

We initially contacted Dave as we were due to review our mortgage that he had helped us set up to buy our first house, so we could think of nobody better to help us. Due to the extremely thorough service Dave provides he looked not just at our mortgage but our whole financial situation and discussed changing our life insurance and critical illness cover to a more up to date policy. The new policy would cover not just us but also our children, which seemed a good idea because our first baby was due in 5 weeks time. Dave therefore changed our policies within a few days. When discussing these new policies although the child cover seemed a good idea we didn't really consider ever needing it. Three days after the policies were finalised and 4 weeks early our daughter arrived. At two days old she became extremely unwell and was diagnosed with septicaemia and meningitis, we spent the next 4 weeks in hospital, including a stay in Intensive Care in Alder Hey Children's Hospital. As a result of her illness our daughter is very delayed developmentally and profoundly deaf. We are unsure of what level of care she will require in the future. The critical illness policy covered our daughter for her illness so we made a claim, guided throughout the process by Dave. The claim was successful and we have received a substantial amount of money that we can use for our daughter's future to provide any additional care or support she may need. Nobody wants to think about needing to use such a policy, including us, with nothing in the pregnancy indicating that problems may occur. Although no amount of money can 'compensate' for what our family has endured and continues to endure; it does mean that we have financial help for an uncertain future. We can't thank Dave enough, as without his guidance we would definitely not have known about this insurance and our family would not be benefitting from it.

Mr & Mrs Treharne, Wrexham

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