Critical Illness Cover | Money Saving Advisors
Learn how critical illness cover pays a lump sum if you’re diagnosed with a serious illness, providing financial support.
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What is critical illness cover?
Critical illness cover is an insurance policy that pays you a lump sum if you're diagnosed with a serious illness like cancer, MS, stroke, or a heart attack. It gives you financial support when you're too unwell to work. It's often added alongside life insurance but serves a very different purpose - it supports you while you're still alive and in need of a helping hand.
Why critical illness insurance matters
Protecting your income and lifestyle
A major illness can leave you unable to work for a long period, which can quickly put a strain on your finances. Critical illness cover offers a bridge to support your recovery.
- Sick pay isn't guaranteed: While some employers offer generous sick pay for the long term, many don't. Statutory Sick Pay (SSP) in the UK is now a little over £100 a week - often not enough to cover rent, mortgage, or other expenses.
- Self-employment risks: If you're self-employed or a freelancer, there's rarely a built-in backup for when illness strikes. Critical illness cover can throw you a financial lifeline so you don't have to dip into savings or take on debt.
Real conditions affecting real lives
The list of illnesses covered is quite clear - and includes conditions that are sadly common in the UK and often life-changing.
- Cancer: With one in two people in the UK expected to develop some form of cancer in their lifetime, it's one of the most common reasons for a critical illness cover claim. Recovery can take some time, affecting your ability to earn.
- Heart attacks and strokes: These can lead to months off work and lasting health changes. Having money to cover rehabilitation, adapt your home, or simply stay afloat financially can make a huge difference during recovery.
Summing up
Critical illness cover is more than a financial product - it's a support system for when life throws you a serious curveball. It's designed to give you one less thing to worry about during a time when your focus should be on your health. While you're still fit and healthy, it could be worth thinking about how you'd manage if illness struck.
Ready to find critical illness cover?
Frequently Asked Questions
whats-the-difference-between-critical-illness-and-life-insurance
Life insurance pays your loved ones a lump sum if you pass away during the policy term. Critical illness cover pays you if you're diagnosed with a serious illness that's listed in your policy. Some people choose to add critical illness cover to their standard life cover in a combined policy to protect themselves and their families, whatever happens.
Does critical illness cover every health condition?
No - it only covers the specific illnesses named in your policy document. These usually include major conditions like cancer, heart attacks, multiple sclerosis, and organ failure or transplants. Less severe conditions and pre-existing illnesses are typically not included but may sometimes be added at extra cost. It's important to read what's covered and what's not before you buy.
what-does-critical-illness-cover-cost
The cost of your critical illness cover depends on your age, health, lifestyle, and how much cover you choose. For young, healthy people, it can be surprisingly affordable, and combining it with a life insurance policy often brings the price down. Shopping around or using a comparison site can help you get the best deal.
Can I claim more than once on a policy?
Most policies are designed to pay out once, and once you claim and receive your lump sum, the policy usually ends. Still, some insurers offer policies with multiple claim options, especially for different conditions or for children's critical illness cover. Always check the small print or speak to an advisor about flexible options.
Do I need critical illness cover if I already have NHS care?
While the NHS covers your treatment and care, it doesn't replace lost income or help with bills. Critical illness cover gives you the freedom to take time off without financial stress and to focus on living better without dipping into savings or taking out loans. You might also consider income protection insurance if you're looking for steady income during long-term illness, for the extra security and peace of mind.
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