Even if your Employer provides sick pay, it is important to consider the possibility of the lifestyle changes that may follow a serious diagnosis. Sick pay may be able to cover your monthly outgoings but do you have the money to cover the costs if your home or vehicle need adapting?
Critical Illness Cover works by providing a tax-free lump sum when you are diagnosed with a critical illness, as determined by the Insurance Provider. Similarly to some other types of Life Assurance, if you are not diagnosed with one of the critical illnesses during the agreed term, you will not receive any payout or reimbursements for the monthly premiums.
All Providers differ on the following:- Amount of Conditions Covered
- Criteria for Claims Against the Most Claimed Upon Illnesses
- Premiums
- Ability for Cover to Keep Up with Inflation
- Life Element Including or Additional Cost
- Additional Benefits (Various)
- Children’s Cover
- Treatment of Existing Conditions and Exclusions
Depending on your budget, and need, the Provider required could be different. The comprehensiveness is not always linked to premium and exclusions can apply with existing conditions but differ with each Provider.
With different eligibility criteria from each Provider and different levels of cover, our qualified Protection Advisers will offer the best advice on Critical Illness Cover and will be able to search through a range of Providers to find the best cover to suit your personal circumstances.