Critical Illness Insurance Benefits

Did you know?

• A critical illness affects one in four women and one in five men before retirement age.
• Claims statistics suggest you are five times more likely to suffer from a critical illness than you are to die before you reach 65.

Critical illness insurance

In 2010 insurance companies across the UK accepted over 90% of critical illness insurance claims, with less than just 2.5% being turned down for non-disclosure of medical history.

Successful claimants will receive an immediate pay-out of a single tax free lump sum giving you more freedom and choice than many other forms of insurance that only pay out incrementally or after you die.

Critical illness insurance provides peace of mind

Serious illnesses are often completely out of our control but critical illness insurance gives policy holders the peace of mind that if anything does happen, you will have the financial means to deal with it because with critical illness insurance policy holders are prepared for, and covered against the worst-case scenario.

You choose how to spend your insurance pay-out

Unlike many life insurance policies, Critical illness insurance pays out when you are alive providing you with a lump sum of money that you can use to pay off a mortgage, debts, pay medical expenses, or even pay for a much needed family holiday. If the critical illness is terminal you may choose to leave some of your pay-out to loved ones as an inheritance. The choice is entirely that of the policy holder.

Private Medical Care with Critical illness insurance

With the NHS under ever increasing pressure to cut costs, many life saving treatments and drugs may not be available except with Private medical care. Going private is more expensive but if it means increasing your possibility of recovery you could choose to use some of your critical illness insurance pay-out to cover these costs.

Family Security

If you have dependents such as a husband, wife or children who rely on your income for living and housing costs, you might want to consider how they would cope if you were no longer able to work. Critical illness insurance provides a lump sum of money that you can use to let them continue their lifestyle.

If you don’t have a family, because critical illness insurance pays out when you are alive it may be more beneficial than a typical life assurance policy that only pays out if you die, because you have no one to leave the money to, you can use it to enjoy life.

Free Children’s critical illness insurance

Most critical illness insurance policies include free insurance cover for children as standard. This means that should your child be diagnosed with an illness listed on their parent’s policy, a lump sum would be payable to the parent. This could allow you to take time off work to care for your sick child or to pay for lifestyle changes.