Critical Illness

Critical illness insurance is a form of protection insurance that can be taken to protect yourself if you were to suffer from a critical illness. Critical Illness insurance cover is often taken as a combined plan with life insurance.

It is important that you select the Critical Illness cover most likely to meet your needs.
Policies vary but nearly always include the following illnesses; heart attack, cancer, a stroke, kidney failure, coronary bypass or transplant.
Individual policies may vary on precise definitions and specifics within these illnesses e.g. they may cover a number of different types of cancer but not all.
Most policies also pay out if an accident or illness prevents you from being able to return to work. For an additional cost, more comprehensive cover can be obtained insuring against a greater number of illnesses.

David Burnell Financial Services Ltd can help you with Critical Illness advice. We are independent advisers offering high quality, independent financial advice.

Critical Illness Types and Policies

Two types of Critical Illness cover exist.
Death or Earlier Critical Illness - pays on either death or critical illness but not both.
Death and Critical Illness - pays on critical illness and death.

Critical Illness Considerations

When looking at Critical Illness cover there are many options and areas for consideration you should take into account,

  • Which Critical Illnesses are covered
    Two levels of cover are normally available. The first covers the major conditions as detailed above, the second offers more comprehensive cover that includes more conditions.
  • Permanent Total Disability
    If this is not included you will be unable to claim if an illness or accident leaves you unable to work. Also, check the definition of 'permanent total disability'. Some policies define it as being unable to perform any job whilst others define it as being unable to continue in your previous occupation. The latter is more favourable.
  • Survival Period
    Most policies require you to survive for a specified period following a critical illness diagnosis, typically 14 days to 3 months. The shorter this required period the better.
  • Children
    Some policies will pay out if your children are diagnosed with a critical illness.
  • Waiver of Premium
    If illness prevents you from working your monthly premiums are paid on your behalf for a predetermined period. Check your policy for the permissible period of premium non-payments.
  • Counselling
    Counselling may be included to help your family cope with your illness.
    The terms and conditions of policies vary, so make sure you understand the scope of the cover being offered before committing yourself.

The terms and conditions of Critical Illness policies vary, so make sure you understand the scope of the cover being offered before committing yourself. For definitions please refer to the plan key features and policy documents

These types pf plan will have no cash value at the end the term. If premiums are not maintained then the cover will lapse.

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