Cancer Insurance (Critical Illness Cover)

Article published on 11th May 2009

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Cancer: the dreaded C-word, one of the three biggest killer diseases alongside heart attack and stroke. The Imperial Cancer Research Fund stated in 1999, that one in every three people in Britain will be diagnosed with cancer at some point in their life, so chances are you or someone close to you has experienced the mixed emotions that go with being diagnosed with this disease. However the chances of survival from this major illness are improving with rapid medical advances, but the consequences of suffering such an illness continue to be substantial and life-changing.

The good news is that if you are diagnosed with cancer there is a type of insurance that can cover you. Critical Illness Cover (CIC) will pay out a significant lump sum in the event of you being diagnosed with cancer while holding a policy. Nearly all critical illness insurance policies insure you for cancer along with heart attack, stroke, kidney failure, coronary artery bypass, multiple sclerosis and major organ transplant. Critical Illness Cover should not be confused with private medical insurance or even income protection insurance.

Critical Illness Cover can be sold as a stand-alone policy or as part of a mortgage package and can also be commonly associated with life insurance, with certain cancer insurance policies paying out either on the diagnosis of cancer or on death, but not both, whilst other Life and Critical Illness policies pay out in both events.

The lump sum is designed to pay off the loan on your home when the policy is sold in line with your mortgage package, but with any policy, there are no restrictions on how you use the money. Other uses may include covering living expenses whilst you are off work, though the money could additionally pay for private medical treatment, carer services, home improvements, career retraining, help for your dependents and even a holiday or break away.

When you take out Critical Illness Cover bear in mind that there is a standard survival period between diagnosis and possible payout and it is always worth ensuring your policy meets your exact needs, so if the worst happens, you're not caught out by the small print. Everything, no matter how insignificant you may think it is, must be disclosed so always tell the full truth on your forms and if in doubt do thoroughly talk it through with a telephone based adviser and make sure you read the schedule of claimable illnesses when it arrives in the post.

Covering yourself with cancer insurance would give you and your family peace of mind so why not start a policy today - its worth its weight in gold.

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