What is critical illness cover?

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Critical illness cover is designed to help those who fall ill with a serious illness. In this event, your provider will pay you a substantial sum to help you meet your medical costs, mortgage repayments and living expenses, giving you peace of mind for the future.

As with any type of insurance policy, it is important that you check over the document features before you purchase a policy. You need to be clear as to what the policy will and will not cover, as not all policies are the same.

While providers are able to determine their own individual list of covered illnesses, there are rules in place to ensure that all policies will pay out in the eventuality of a standard range of illnesses.

It is compulsory for all critical illness providers to cover Multiple Sclerosis, Parkinsons disease, comas, third degree burns, kidney failure and advanced cancers as standard, among some other serious illnesses.

When deciding on a policy you will want to look at the amount that will be paid out to you should you become seriously ill. You need to ensure that this will be enough to settle the rest of your mortgage payments as well as providing enough money to support you and your family.

It is important to divulge all the necessary information when you apply for critical illness cover, as if you miss something out, and this is discovered by the insurance company upon the diagnosis of a critical illness, they will refuse to pay out on your claim.

When compared to standard life insurance, critical illness cover is usually more expensive. While you may not be able to afford a completely comprehensive policy, having a basic policy that covers the standard list of illnesses can still be beneficial.

Your current state of health, your age, and your lifestyle can all affect the price of critical illness cover. Older applicants, and particularly those who smoke, will expect to pay more for their cover.

Dannie Hootsell took out critical illness cover with Legal

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