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Critical Illness Cover

Looking for Critical Illness Cover? Critical Illness insurance is important to many people, to protect their family’s future.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
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Critical Illness Cover

Choosing Critical Illness Insurance - What Is Critical Illness Cover?

As the name suggests, critical illness insurance is a policy that provides a pay out should you ever become ill with a serious illness or medical condition. These policies can cover disabilities, specific illnesses and conditions that you may worry that you will be vulnerable to, for example, if a condition is common within your family.

What Happens If You Get Ill?

If you become ill and need to claim against your critical illness insurance, you’re your policy provider will pay you a lump-sum value, which is not subject to tax.

You can then use these funds to cover the cost of your treatment, cover over financial costs, or to use for any other purpose you wish. 

Many critical illness policyholders use this pay out to cover any outstanding mortgage payments, pay off any debts, to cover the cost of home alterations to help manage your condition more comfortably, or to use as savings to provide for the future of their family.

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Who Is Eligible For Critical Illness Cover?

Insurers will ask for details about your lifestyle and health before providing a quotation. The cost of your insurance will also depend on whether the policy term runs for a fixed period, or covers you for the rest of your life.

The insurance premiums are usually paid by a monthly direct debit.

You will need to let your insurer know:

Your age
Details of your health and medical history
How healthy your lifestyle is – for example, if you smoke
What you do for a living

What Conditions Are Covered By Critical Illness Cover?

This insurance can cover any condition, however, if you have a pre-existing medical concern you must disclose this before taking out a policy, to ensure it isn’t rendered void if you ever need to make a claim.

Policies can cover any illness, or those within a specific list, such as:

- Cancer
- Strokes
- Heart conditions

Make sure to check your policy carefully before committing to your cover; many insurers exclude certain illnesses or types of condition, so it is essential to know what is and is not insured.

Other types of condition that may or may not be included within your insurance include:

- Disabilities – permanent, partial or total
- Loss of speech, hearing or sight
- Kidney or liver failure
- Loss of limbs 
- Brain conditions and injuries
- Serious burns

Who Should Take Out Critical Illness Insurance?

Some people choose to take out critical illness cover because of concerns that they may become ill in the future. It is particularly important for people in more risky lines of work, who feel that they are at a higher risk of becoming seriously injured than others.

The main consideration is whether you and your family would be able to cope financially should you become seriously ill.

Critical illness insurance can relieve the worry of losing your home through failure to keep up with mortgage payments, being able to sustain your quality of life, and being able to provide for your children and family should you become unwell.

If in any doubt about whether critical illness cover is right for you, what policy would best suit you, or which insurer to choose for the best deal, give our team at business loan broker a call and we will be able to recommend the best options!

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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Frequently Asked

Most mortgage providers would not insist on any specific personal insurance. However, life insurance and critical illness insurance are a safety net to ensure that your home will remain secure no matter what may happen in the future.

Income protection works to cover your lost income should you be unable to work for some time, or permanently, due to illness or accident. This type of cover usually pays out a monthly benefit, which differs from critical illness cover that tends to pay out in one lump sum.

Having a combination of insurances is a sure-fire way to protect your future, and if you would like to discuss a tailored package of insurances at highly competitive rates, give us a call and we will find the best deals on the market for you!

Often, critical illness and life insurances are sold as a packaged product. This is because life insurance pays out to your beneficiaries in the event of your death, whereas critical illness pays out to you should you become injured or ill.

Most life insurance policies will pay out if you are diagnosed with a terminal illness or one where the diagnosis indicates that your life expectancy is less than 12 months. However, this will not apply to any long-term conditions, so critical illness cover combined with life insurance protects in any scenario.

Choosing policies that complement each other and do not overlap is important to avoid paying more than you need to for your insurance, so if you need help working out which policies work best together, get in touch with the team and we will be happy to help!

Yes, they can be. Some insurers have strict sets of criteria or are unable to offer tailored policies to suit your medical history.

If you have been declined, we highly recommend calling Revolution Finance Brokers. It may be that a specialist provider who understands your medical circumstances is best suited to provide you with reliable cover. Our team works with a network of outstanding insurance providers and can match you with the most appropriate policy providers.

With most providers, the cover is put into place straight away once you have agreed to the terms of your policy and paid your initial premium.

If you hold a policy and become pregnant, then your cover continues – some insurers will require you to report any changes in your condition including pregnancy.

Should you be applying for a new policy, a provider may not be able to consider your application until after your child is born. 

Other providers are happy to offer critical illness insurance to pregnant applicants, and will usually ask for information about your health and pregnancy to ensure there are no undue risks. If you are looking for insurance protection during your pregnancy, give us a call and we will find you the best policy quickly.

This is a package insurance policy, combined life insurance alongside critical illness cover. This means that you are covered for illness or death, in any circumstance.

Accelerated cover is provided by some insurers, and is an additional clause to a life insurance policy that pays out a fast initial lump sum if a specific condition is diagnosed within the term of your policy. 

For example, if you hold a life insurance policy and have an accelerated clause within your policy, if you are diagnosed with the condition then you will receive a proportion of your life insurance pay out immediately on diagnosis, with the balance on the event of your death.

NHS employees receive life insurance calculated as two years salary and lump sum cover in the event of becoming seriously ill. NHS also grants some employees early retirement if they are no longer able to work due to illness.

If you hold an NHS pension scheme, are unsure about the cover provided, or would like to supplement this cover, give us a call and we can provide expert advice on how best to do so.

Yes, it can. If you choose to cancel your insurance policy, then you will immediately lose your cover.

Critical illness cover is not just about providing financially for your family; it is about sustaining your quality of life if you are diagnosed with a serious illness, or become disabled.

This cover means being able to pay off outstanding debts, purchase equipment and facilities to make your condition more comfortable, and providing peace of mind.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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