FAQS – Critical Illness Cover

Below are some of our frequently asked questions regarding Critical Illness Cover. For help and advice give our team a call on 0116 366 6866 or use the form to request a call back. 

See our main page on Critical Illness Cover

How does Critical Illness Protection work?

Once a person is insured, if they are diagnosed with a Critical Illness and they survive over a survival period (usually 14 days – see policy terms and conditions), they will receive a lump cash sum payment by the insurance provider.

What does this type of cover cost?

Cover can start from as little as £5 per month and will depend on your age, medical history and smoking status. The amount of cover will also depend on the term you are insured for.

What does ‘increasing cover’ mean?

This is an ‘add on’ to your plan, and means the amount you’re insured for and the premiums would increase on an annual basis in line with the Retail Price Index (RPI) or the specified interest rate. Increasing Cover is also known as Indexation.

What does ‘decreasing cover’ mean?

Usually recommended to protect a mortgage or debt, the amount of cover will reduce in-line with your borrowing interest rate. Decreasing cover is also known as DTA – Mortgage Protection.

Why should I buy Critical Illness cover as a separate policy?

This type of cover is designed to protect you against a critical illness and the risk of not being able to support yourself financially, if you are not able to work due to a critical illness. Having a separate Critical Illness Insurance policy provides extra protection in this scenario. The tax-free benefit would go directly to the insured person and they can spend this sum as they choose.

What would I be able to spend the money on?

You could choose to pay your mortgage, debt, care fees or alterations to your home. How you use the money is entirely your choice.

Would I be eligible for Critical Illness cover?

There are age limits for Critical Illness Protection, which are set by insurance providers. Plus, any pre-existing conditions will be taken into consideration, as well as any hereditary conditions in your family (immediate relations). Please speak to one of our advisers for more details.

What type of critical illnesses are covered?

The policy would cover heart attack, stroke, stages of cancer (specific types), as well as a range of other illnesses. For the full list of critical illnesses, please get in touch.

Would my children be covered for a critical illness?

This can vary between insurers, but usually 25% of the benefit (or £25,000.00, whichever amount is lower) would be included for your children. However, please speak to one of our advisers for more details.

How soon will I be covered if I apply straightaway?

This depends on whether the insurer needs more information from you – however, in most cases, you would be covered immediately after the application. Sometimes, the insurer is not able to provide you with an instant decision, but they would usually cover you using an Accidental Death Benefit whilst your application is being processed.

Would my policy cover any pre-existing illnesses?

This would be decided by the Insurer at the time of your application. Often, pre-existing conditions can be covered by Critical Illness Policies. However, if a provider insures your previous conditions, this usually increases (rates) your insurance premium.

Would my policy premiums stay the same throughout the term?

In most cases, providers would not change the premiums unless you make any changes to your policy. Any variations to your policy could cause your premium to change. Please speak to one of our advisers who can check the terms and conditions of your insurer.

How do I make a claim – what’s the process?

In the first instance, you would need to contact your insurer to make a claim. They will guide you through their process so you can authorise the claim.

How do I know if I really need Critical Illness cover?

Check to see whether you have any existing insurance policies in place which will cover you or your income if you are not able to work for a period of time due to an illness. Please speak to one of our advisers who will be able to advise you on this.

Who needs Critical Illness Insurance?

The most usual examples of people who benefit from this type of cover are parents, tenants and homeowners.

How do I know the level of cover I need?

This depends on your circumstances and personal preference. Our trained advisers will be able to help you with the right amount of cover suitable for you and your situation.

Would I need to give details of my medical history?

Usually, you would complete a medical questionnaire when you make your application. If the insurer needs more information in order to make a decision about your application, then they would arrange with your doctor to obtain your medical history.

What if I die and I have a Critical Illness policy with Life cover?

In this instance, the policy would not pay out a Critical Illness benefit. Only the full amount of Life Cover would be received by your beneficiary.

Would I be able to add my partner and/or my children to my Critical Illness policy?

To be added to a policy, a person must be over 18 years of age. Most insurers will allow dependants to be covered by a certain percentage of your Critical Illness cover. Plus, you can also choose to have a joint Critical Illness policy.

How does Income Protection differ from Critical Illness Protection?

An income protection policy pays out a monthly benefit as a salary percentage, if you cannot work due to an injury or illness. As a simple comparison, Critical Illness Protection pays out a lump sum if you are diagnosed with a Critical Illness (see Policy Terms and Conditions).

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