Critical illness cover is an insurance policy that supports you financially if you are diagnosed with a severe illness.
When taking out the policy, it’s important that you mention any underlying medical conditions you have. The conditions you have disclosed may not be covered by the policy. Furthermore, if you have failed to mention the underlying medical condition, this could potentially mean your policy would be voided in the event of a claim.
The financial support will be from a lump sum of money that is a one-off payment to help pay your mortgage, medical, or if needed, modifications to your home.
What does critical illness cover?
The insurance will cover you in the event that you are diagnosed with a particular medical condition or injury that is stated within the policy.
It’s important that you read the policy thoroughly to understand which specific conditions are covered. This is due to the fact that the policy will not cover all instances of a certain illness.
It’s common for customers to confuse critical illness cover with life insurance. They are two insurances that can be purchased together, however, what they cover is very different.
Examples of critical illnesses that might get covered include:
- Stroke
- Heart Attack
- Certain types and stages of cancer
Permanent disabilities resulting from injuries and other illnesses that are not stated might still be considered in the policy.
What isn’t covered?
The following that might not be covered within the policy could include more severe forms of cancer and other conditions. Health problems you knew you had before you took out the insurance will probably not be covered. Furthermore, this type of insurance doesn’t payout if you pass away.
What will and won’t be covered will be stated in the policy details therefore make sure you understand the policy and check all the documentation protects your needs.
Other types of insurance you might need
Other types of insurance can provide support should something unfortunate happen to you. Below, are a list of some you might want to look into:
- Do you need life insurance?
- Do you need income protection insurance?
- Do you need mortgage protection insurance?
Our Critical Illness Insurance Advice service in Cardiff
At Cardiffmoneyman, we offer all our customers a free, no-obligation protection review where we will look into any existing policies you have in place and check if they are appropriate for you. It’s important to know that insurance is massively beneficial.
Affordability is key when looking into insurance. That’s why a protection specialist in Cardiff, like ourselves, can provide you with the best cover that is suitable to your circumstances and priorities your budget and family.
Date Last Edited: December 6, 2023
