If you can find an affordable cover and the right insurer, I would recommend considering Critical Illness Cover. One of the most challenging times during my husband’s cancer was towards the end of his battle when he was too sick and emotionally detached to even think about our business. We had no Critical Illness Cover, no Income Protection, or any type of insurance that could help us through these days.
Critical Illness Cover pays out a lump sum if you become critically ill with one of the serious illnesses the policy covers. This one-off tax-free payment can help pay for the mortgage, rent, care for a loved one, make necessary alterations to your home or simply help cover your childcare and household bills.
Finding the best Critical Illness policy isn’t easy, there is a lot to think about, from the number of conditions each insurer covers to the definition of those condition.
When you take out a policy you can choose how long it will last for and how much cover you want. It’s worth working out how much you and your family would need to live on if you were unable to work. This can then provide the base amount for your policy.
For a simple definition of Critical Illness Cover first read my article ‘’What is Critical Illness Cover in Simple Terms.’’
What Should I Consider?
The Insurer
Look at each insurer before making a decision, look at their reviews, take some advice from a professional or make sure you do some research. You may want to check out their claim’s history. Do they offer the features you want? Most of the best Critical Illness Insurance providers cover around 40 conditions, however this can vary between provider, ask for a list of conditions.
Children’s Cover
Children’s Critical Illness Cover offers a payout if one of your children develops a critical condition. This is most commonly 25% of your sum amount but can vary between insurers. Some insurers automatically include children’s cover in your plan and others provide it as an additional option. Always check whether the cover means an additional cost to your monthly premium.
Definitions of Conditions
As well as the number of conditions each provider covers, you want to go into the detail and look at the definitions of those conditions.
Some insurers have better definitions than others. For example, some insurers pay out for any diagnosis of cancer. Most, however, require cancer to be at a set severity before you can claim. Many insurers go above and beyond for some conditions.
Total Permanent Disability Cover
It is common for most insurers to payout for total permanent disability (TPD) cover. However, not every insurer includes it as one of the critical illnesses, with some providers, you must add it for an extra premium.
Survival Period
Most insurers have a survival period. This is a set number of days you must live after your diagnosis before you can claim. Survival periods can vary from 10 days to 2 weeks or more, so make sure you check before signing.
Additional Benefits
Look beyond the core cover. The additional benefits that a particular insurer offers may help you to make decisions. Most insurers offer nurse support, others expand on these additional benefits.
* Critical Illness Cover – a brief look at insurers
| Insurer | Conditions Covered | Children’s Cover | Length of Cover | Additional Services |
| Aviva | 53 conditions covered | Automatically included. Up to £25k or 50% of your cover amount (whichever is lowest) | 5 to 50 years. Up to the maximum age of 75. | Aviva DigiCare+ Access to Aviva’s well-being services. |
| Legal & General | 37 conditions covered | Automatically included. Up to £25k or 50% of your cover amount (whichever is lowest) | 5 to 50 years. Up to the maximum age of 75. | Nurse Support Services available. |
| Royal London | 47 conditions cover with 20 additional (covering 50% of the amount of your cover or up to a maximum of £30k) | Cover for children is optional with either “Standard’ or ‘Enhanced’ cover. ‘Standard’ pays out50% of your cover amount or up to £30k (whichever is lowest) | 5 to 50 years. Up to the maximum age of 75. | Helping Hand Service available – nurse support. |
*Please remember that each of these headings is a brief guide to what is covered. For full details, including full definitions ensure you research the company before committing to any insurer. Details will always be given to you in your policy documents should you start a policy, ensure you read these carefully.
There are multiple insures to choose from, each covering slightly different conditions with slightly different policy terms. The easiest way to search across all insurers is to speak with an independent broker, they can help research the market and find the best cover for you. You can speak to one of us at Lizzie’s Life if you would like some more information.
Please check all Terms and Conditions before making any decisions. This information is intended solely to provide guidance and information.