Benefits of Critical Illness Cover

Article published on 9th May 2008

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Critical illness cover for British citizens makes a lot of sense.

If we are happy with the service given to us by the NHS then all we really need to worry about is loss of income resulting from a serious illness (like a severe heart attack that prevents us from attending work). Hence, critical illness cover can offer an invaluable lifeline.

As soon as you fall ill with a disease or condition that is specified within your policy (cancer, heart disease, organ transplant or whatever) you get a pre-agreed and guaranteed sum of money to cover any loss of income incurred. There is rarely any need to give proof of your expenses for your claim as the terms of the payouts are stipulated by fixed amounts and by disease/condition, not upon an itemised list of expenses once the illness/condition strikes.

You can shop around for a critical illness policy that appeals to you like you can any other insurance policy and you even take one out as a connected ‘rider’ attached to your Life Insurance Policy, albeit for an additional premium.

These ‘rider’ policies come with some potential restriction however. The timeframe for the cover offered for a Critical Illness Rider is more often than not limited restricted to the term length of the basic life policy it is attached to. Also, the ‘rider’ will often be available for just one specified Critical Illness and only as a one-shot payout. So once a condition is diagnosed and you are remunerated as per the terms of the ‘rider’ policy, the ‘rider’ policy then spent and ceases to apply. 

The bottom line here is that Critical Illness Insurance is a good idea but mostly as a stand alone policy rather than as an attachment, or ‘rider’, on an existing Life Insurance Policy, although, as always, it is worth discussing your individual needs with an independent advisor first.

To speak to a Insurance advisor either call us on 01723 516 600 or request a Critical Illness Insurance Quotation using the link below and arrange a callback.

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