Every year, 1m workers in the UK unexpectedly find themselves unable to work because of injury or illness, according to the ABI (2015).

Life Insurance pays out on the death or terminal illness of the policyholder, but a critical illness insurance policy gives you and your family protection if you are unable to work because of a serious and long term illness.

Critical illness cover, also known as critical illness insurance, is a long-term insurance policy which covers serious illnesses listed within a policy.

If you get one of these illnesses, a critical illness policy will pay out a tax-free, one-off payment. This can help pay for your mortgage, rent, debts, or alterations to your home, such as wheelchair access, should you need it.

What is covered in a Critical Illness Insurance Policy?

Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy. This can be but not limited to one of the following:

• Heart attack
• Stroke
• Certain types and stages of cancer
• Life changing conditions such as multiple sclerosis.
• Blindness
• Deafness
• Major Organ Transplant
• Traumatic Head Injury
• Loss of arms and legs
• Dementia or Alzheimers

Please be aware that not all conditions are covered and policy will also state how serious the condition must be. Our protection advisors will be sure to show you conditions that are covered – and those that aren’t.

Most policies will also consider permanent disabilities as a result of injury or illness that leave you unable to work and provide from you and your family.

Why have a Critical Illness Policy alongside a Life Insurance Policy?

Many individuals opt to have a critical illness policy alongside their life insurance policy. The main reason being is that a life insurance policy will only pay out if you pass away or diagnosed with a terminal illness.

However, a critical illness policy will pay out if you were diagnosed with a critical illness that is listed within the policy. These are conditions that can be described as life changing but don’t necessarily mean the worse. Therefore, a lump sum pay can be used to make some house alternations or go on that dream holiday with your family.

Get in touch with us today

Speak with our team of specialists today for a no-obligation discussion about a critical illness policy or any other protection policy. Our team are on hand to listen to your needs and find protection that is suited to you and your family.

Alternatively, you have a policy already, we’re more than happy to review your existing policy and check that it’s still suitable for you.