This provides a lump sum
on the initial diagnosis of a serious medical problem.
It is available on a specified
term and a whole of life basis.
Critical Illness can be set
up as a stand alone policy or can be incorporated with your life cover policy for an extra
Typically, the majority of
claims arise from a few illnesses like cancer, heart attacks and strokes.
Ideal way of paying off a mortgage or loans in the event of serious
illness, meaning there is one less thing to worry about.
Policies do vary but all will typically pay if you suffer a heart attack,
cancer, a stroke or kidney failure or need a coronary bypass or transplant.
Probably higher than we would like to think.....
Each year almost 220,000 people are diagnosed as new cancer registrations, which would qualify as a claim under the
Association of British Insurers standard illness definitions applying to Critical Illness policies.*
Up to age 65, a man has a 1 in 5 chance and a woman has a 1 in 6 chance of suffering a critical illness.*
700,000 people this year will develop cancer, heart disease
or suffer a stroke.*
1 in 4 of the population will suffer a critical illness before
the age 65.*
We are 5 times more likely to suffer from a serious illness than die before reaching age 65.**
Sources: *ERC Frankona 2000/**Swiss RE 2000
Thanks to the skill of
doctors and continuous advances in medical research and technology, many people
now survive heart attacks, strokes and even cancer. The good news is that people are
more likely to survive such serious illness and
live for a considerable time than ever before. The not such good news is
inevitably concerned with the financial aspects of being in this position. If
you have life cover to protect your loved ones it won't benefit you as any money
will only be paid on death.
Most people who are diagnosed with a serious illness will need to re-assess
many aspects of their lives. They may not be able to work for a period of time
and feel that, assuming they return to work, they would like to return to a less
stressful environment. It is highly likely that income will suffer in the short term,
and returning to any kind of work may not be possible. It may be that
modifications need to be made to your home because of the nature of your
illness, or a partner may need to give up their job in order to look after you.
the nature and implications of your illness, what
would really make a difference is a policy which helped you at the time when you
most need it.
Death OR Earlier refers to the benefits of a policy
paying out if the claimant has either OR condition. This may sound like common sense
but it is important to appreciate is that once a payment has been made then NO
further cover is in place. It is worth pointing out that if a claim is made for
the Critical Illness element of the insurance then it is highly UNLIKELY that
the claimant will be able to obtain future life cover.
Death AND Critical Illness refers to the cover being provided
for both elements. It is effectively a double insurance. After a claim has been
made for the Critical Illness cover then the insurance remains in place to
death cover (Though no further Critical Illness cover). Cost of this cover is
marginally more expensive than Death or Earlier.
More detailed information on
critical illness cover.
To get a quotation use our
online critical illness cover quote request form.