Critical Illness Cover

Deciding whether to get Critical Illness Cover depends on your individual circumstances, financial situation, and personal needs.

Critical Illness Cover can provide you and your family with financial security in the event of your diagnosis of a critical illness or disability. This is something that other people may value more than others.

If you are diagnosed with a critical illness or disability, you may need the money to finance your medical treatments, pay off outstanding debt, support your family, repay your mortgage or something similar. Without Critical Illness Cover, you may be unable to protect yourself in these situations financially.

Consulting with a mortgage advisor or insurance specialist can help you make an informed decision tailored to your unique situation.

The big 5 critical illnesses are cancer, heart attack, stroke, major organ failure and multiple sclerosis (MS).

If you want to protect yourself against these critical illnesses with Critical Illness Cover, it is worth speaking with an insurance specialist to make sure that they are covered in the policy you are taking or have already taken out.

The likelihood is that these will be or are included within your Critical Illness Cover policy, however, it is always checking.

Yes, you can have a Critical Illness Cover policy as well as a Life Insurance policy. It is perfectly normal to have both types of insurance policies at the same time.

Critical Illness Cover works slightly differently from Life Insurance. Critical Illness Cover pays out a lump-sum when you are diagnosed with a critical illness or disability within your policy, whereas, Life Insurance pays out when you pass away within your policy term.

The cost of Critical Illness Cover can vary widely depending on several factors.

The main factors that will affect how much your monthly premiums cost are age, health status, coverage amount, policy term, occupation, lifestyle factors, family medical history and other policy features.

Generally, the younger that you are, the lower your Critical Illness Cover costs will be. However, this will not always be the case.

The best way to work out how much Critical Illness Cover is going to cost you is to get a free insurance quote from our specialist. Every customer can benefit from a free insurance review, where we can either run through a new or existing policy.

Getting a Critical Illness Cover quote can either be done online by shopping around for a policy. However, to get the most out of your policy and to try and save a little bit of money, we recommend speaking with an insurance specialist.

Speaking to an insurance specialist ensures that you are taking out a policy that matches your personal and financial situation. If you take out a policy online, you may not be covered by every critical illness or disability either.

We want to find a Critical Illness Cover policy that is tailored to your personal situation and lifestyle.

Critical Illness Cover pays out in a lump-sum when you are diagnosed with an illness or disability included within your policy.

To receive the lump-sum from your Critical Illness Cover, you usually need to provide your insurance provider with medical evidence. This can include test results or doctor reports.

Some policies may also require you to survive for a minimum period following your diagnosis. This is to ensure that the payout is only made for critical illnesses that have a significant impact on your health.

Each policy will have a specific start and end date. Critical Illness Cover will only pay out if you receive a diagnosis within this term.

Your Critical Illness Cover policy must also be active. This means that you must be up-to-date with your policy payments.

Some Critical Illness Cover policies may specify a window where you need to make a claim once you are diagnosed with a critical illness or disability.

This can range anywhere from 30 days to 6 months. This timeframe will be highlighted within your Critical Illness Cover policy.

Critical Illness Cover is taken out by individuals seeking financial protection against the impact of serious health conditions.

The key groups of people who commonly take out Critical Illness Cover are homeowners/mortgage holders, families with dependents, people with limited savings and people who have high-risk health issues.

If your situation is not listed above, it does not mean Critical Illness Cover is not for you. Planning proactively and preparing yourself for the unexpected is always a good approach to have when owning large financial assets such as a mortgage. The policy could protect you and your family in the future.

Deciding between Critical Illness Cover and Income Protection depends on your individual circumstances, financial goals, and specific needs.

Critical Illness Cover provides a one-time lump sum payment upon diagnosis of a specified critical illness or disability. It covers serious illnesses such as cancer, heart attack, stroke, and others listed in the policy. The lump sum can be used for any purpose, including medical treatment, living expenses, or mortgage payments.

Income Protection provides a regular income if you are unable to work due to illness or injury. The payments continue until you can return to work or until the policy term ends (often up to retirement age). This ensures a steady stream of income, typically covering a percentage of your salary (e.g., 50-70%).

In some cases, it may be best to take out a combination of Critical Illness Cover and Income Protection. This approach ensures you have a steady income if you cannot work and a lump sum to cover major expenses if diagnosed with a critical illness.

We recommend speaking with one of our insurance specialists to work out the most appropriate option for you. We will look at the cost of the coverage of both and determine whether this is the best route for you.

As a mortgage and protection broker, we can help with a variety of insurance options:

• Life Insurance – Life insurance provides a lump sum payment to your beneficiaries upon your death. This can help replace lost income, cover outstanding debts, such as a mortgage or loans, and provide financial stability for your loved ones.
• Income Protection Insurance – Income Protection Insurance provides a regular income if you’re unable to work due to illness or injury. It typically pays out a percentage of your salary until you’re able to return to work or reach retirement age.
• Family Income Benefit Insurance – Family Income Benefit Insurance provides your loved ones with a regular, tax-free income if you pass away during the policy term. Unlike traditional life insurance that pays out a lump sum, this type of insurance offers ongoing financial support over a set period. This can help cover day-to-day living expenses, such as household bills, education costs, and general living expenses, ensuring your family maintains their standard of living during a difficult time.