Compare critical illness cover
If you were diagnosed with a serious illness, would you be able to cope financially as well as physically? Critical illness cover is designed to provide a financial safety net at a difficult time.
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Aviva
VitalityWhat is critical illness cover?
Critical illness cover is an insurance policy that protects you if you fall seriously ill and are prevented from working. It can help cover your debt repayments and household bills.
The policy will typically pay out a lump sum if you’re diagnosed with a serious illness, usually something life-threatening. These could include:
- Heart attack
- Cancer
- Stroke
- Kidney failure
- Multiple sclerosis
- Heart bypass surgery
- Major transplant surgery
Critical illness cover can be bought with life insurance or as a standalone policy. Always check the provider’s terms and conditions to see exactly what’s covered - and what isn’t.
How to compare critical illness cover
Getting critical illness cover is fairly straightforward. You just need to:
- Provide some basic personal and health details
- Compare quotes from a range of different providers
- Choose the level of cover that suits your needs and budget
- Apply and complete any required medical questions
Once accepted, your policy will begin, and you’ll be covered for the conditions listed.
What does critical illness cover protect?
The payout is designed to give you financial flexibility when you’re unable to work, as signed off by a doctor.
You could use the money to:
- Replace lost income
- Pay off or reduce debts, such as a mortgage
- Cover everyday living costs
- Make adaptations to your home
- Access private treatment or support services
Ultimately it’s there to ease financial pressure so you can focus on recovery. It’s worth mentioning though, that because policies pay out one lump sum, it’s best not to view them as a complete replacement for income.
Good to know: While critical illness cover protects you in the event of a life-threatening illness, it doesn’t cover all conditions which could prevent you from working – like an injury or stress. For this, you should look into income protection.
What are the main types of critical illness cover?
There are two main ways to take out cover:
Standalone critical illness cover
A separate policy that pays out if you’re diagnosed with a listed condition.
Combined cover
You can add this to your policy when taking out life insurance.
How to choose the amount and length of cover
The right level of cover depends on your personal circumstances. It’s worth considering:
- Your monthly expenses and income
- Outstanding debts, such as your mortgage
- How long you’d need financial support
As a rule of thumb, work out how much money you’d need to live on if you were diagnosed with a serious illness. Also think about the cost of making adjustments to your home because of your disability if necessary.
Many people choose a policy term that runs either until retirement or until their mortgage is paid off.
How much is critical illness cover?
Critical illness cover is often more expensive than life insurance alone.
That’s because:
- You’re more likely to claim on it during your lifetime
- It covers a range of serious health conditions
It’s worth considering a policy with guaranteed premiums. While the initial premium might be more expensive, the payments are fixed for the policy term. This can safeguard you from price hikes down the line.
What can affect the price of critical illness cover?
Several factors influence the cost of your policy:
- Your age
- Your medical history
- Whether you smoke
- Your lifestyle
- The number and type of conditions covered
Policies covering more conditions or offering broader definitions tend to cost more.
What type of life insurance do I need with critical illness?
Critical illness cover is often paired with different types of life insurance. Depending on your circumstances, it might be prudent to have both in place – especially if you have dependants.
You can generally choose between:
- Level term – the payout stays the same throughout the policy
- Decreasing term – the payout reduces over time, often in line with a mortgage
The right option depends on what you want to protect.
When should I take out critical illness cover?
It’s usually best to take out cover as early as possible.
Premiums are typically lower when you’re:
- Younger
- In good health
If you develop health conditions later on, cover may become more expensive. Or you might find it harder to find insurers who’ll cover you at all.
How to buy critical illness and life cover
It’s essential that you disclose your medical history fully. Failure to do this could leave you without cover or with limited cover.
You should shop around for cover. There’s a big difference between the cheapest and most expensive critical illness and life insurance policies.
It’s important that you check what insurance you already have in place and decide if critical illness insurance is right for you. As with all insurance, read the key facts document to make sure you understand what you’re covered for before you commit.
FAQs
What critical illnesses are covered by the policy?
The illnesses covered will vary depending on the insurer and policy. Most policies include serious conditions such as cancer, heart attack and stroke, although each provider has its own list and definitions.
It’s important to check exactly what’s included before taking out cover.
How will the insurer verify my critical illness claim?
If you make a claim, your insurer will usually request medical evidence to confirm your diagnosis. This may include reports from your GP or specialist, as well as details of any treatment or procedures you’ve had.
The insurer will assess this information against the policy terms before approving a payout.
What is the ‘survival period’ for a critical illness claim?
Most policies include a survival period, typically between 7 and 14 days. This means you must survive for a set number of days after diagnosis to receive the payout. If this condition isn’t met, the claim might not be paid.
Why would my critical illness claim be declined?
Claims could be declined for several reasons, including:
- The condition isn’t covered by the policy
- It doesn’t meet the insurer’s definition of severity
- It relates to a pre-existing condition that wasn’t covered
- The survival period isn’t met
- Incorrect or incomplete information was provided when applying
Checking the policy details and answering questions honestly can help avoid issues later on.
Can I get critical illness cover if I have a pre-existing condition?
It may still be possible to get cover, although the insurer will usually exclude that specific condition from the policy. This means you wouldn’t be able to claim for it, although you could still be covered for other conditions.
Is critical illness cover the same as income protection insurance?
No – they work differently.
- Critical illness cover pays a one-off lump sum if you’re diagnosed with a listed condition
- Income protection insurance pays a regular monthly income if you’re unable to work due to illness or injury
Some people choose to have both types of cover for broader protection.
Will my children be covered by my critical illness policy?
Some policies include a critical illness for a child as standard, whereas you might be able to add it as an extra to other policies for a small fee.
This usually provides a smaller payout if your child is diagnosed with a specified condition. The level of cover and conditions included will vary, so it’s worth checking the details of your policy.
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