Critical illness insurance FAQ

• Is another insurance policy covering me at present?
• If I don’t claim… will I lose my money?
• Do I require critical illness insurance if I am fit and healthy right now?
• Will critical illness insurance be expensive?
• Can I trust insurers to pay out?
• Won’t the NHS pay my medical expenses if I get ill?
• Doesn’t private medical insurance provide the cover I need?
• How come I have never heard of critical illness insurance?
• Isn’t my family going to be able to take care of me if I become ill?
• I can’t be fussed about purchasing critical illness insurance
• Can my kids have critical illness insurance?
• What evidence do I need to submit in order to put forward an application for a critical illness policy?
• Will I need a medical if I apply for a critical illness policy?
• Will making a claim affect my Government Benefits?
• Once I have made a claim for critical illness, am I able to return back to work?
• Will I be able to modify or prolong my critical illness insurance in the future?

Is there another insurance policy covering me at present?

There are so many different kinds of insurance on the market today that offer similar policies but are not quite the same. If you are racking your brain trying to figure out whether or not you are covered by another policy, we suggest that you speak to one of our advisors and they can point you in the right direction.

If I don’t claim… will I lose my money?

Some people worry that they may never get to claim their critical illness insurance pay-out. There is a one in four chance that you will suffer from a critical illness before you reach the age of retirement. After retirement age the chances increase significantly! However, if throughout your life you do not suffer from a critical illness, you should consider yourself one of the lucky ones. Critical illness insurance acts as a safety net to ensure that you are protected if worst comes to worst.

Do I require critical illness insurance if I am fit and healthy right now?

Many young healthy people don’t think about purchasing critical illness insurance because they feel that they will not be affected by any illness. One thing to bear in mind is that the older you get the more expensive the premium gets. For this reason, it is wiser to take out a critical illness insurance policy whilst you are still in your twenties rather than in your forties. Although young healthy people are less vulnerable to illness, accidents can happen to anyone. Critical illness insurance can also protect you against serious accidents that leave you unable to work.

Will critical illness insurance be expensive?

There are different critical illness insurance policies to suit everyone’s budget. Generally, the more you pay, the more your critical illness insurance will cover. Nonetheless, it is better to take out a cheaper critical illness insurance policy that only covers you against the most likely ailments than to have no critical illness insurance at all. By talking to one of our advisors, you can discuss your budget and the level of cover that you need, as well as tips on reducing the price of critical illness insurance.

Can I trust insurers to pay out?

Provided that you have answered all your insurers’ questions honestly, you should have no problem in receiving your lump sum pay out. If you suffer from a critical illness it must be listed on your policy if you are to receive a payout. In 2010 over 90% of critical illness claims resulted in pay outs.

Won’t the NHS pay my medical expenses if I get ill

Although the NHS provides a great service, it does not include the advanced treatments available on private medical care. Also we must not forget that critical illness insurance is not to be confused with the term “medical insurance”, and that the cash granted can be used for any purpose. For example the NHS would not pay your mortgage or other non-medical expenses.

Doesn’t private medical insurance provide the cover I need?

There are some people that choose private medical insurance (PMI) over critical illness insurance because it is a recognised way of covering expenses when they become ill. The truth is critical illness insurance has the added benefit over PMI where the applicant is given a sum of money all in one go to use as they please.

How come I have never heard of critical illness insurance?

Critical illness insurance is not so well known because it is relatively new and encompasses a variety of other types of insurance all in one. For example mortgage protection insurance, accident insurance and dread disease cover just to name a few.

Isn’t my family going to be able to take care of me if I become ill?

It can be quite handy if you have relatives that can look after you, should you fall ill. Still, the cost of medical fees can amount to more than you or your family could pay for. To top it off, the possibility that your ailment could prevent you from working could result in you falling behind with repaying debts. Critical illness insurance can prevent this by providing you and your family with peace of mind without the requirement of them having to take care of you, should you fall ill.

Purchasing critical illness insurance is too much hassle

We will make the procedure of purchasing critical illness insurance easy. We will listen to all your requirements and find you a shortlist of matching policies. We can do the legwork so you can spend your time on the things you enjoy.

Can my kids have critical illness insurance?

Yes, the majority of insurance companies automatically include your kids under critical illness insurance. Additionally, you may include future offspring as well as step-children. The reason children are included is that if they were to get seriously ill, parents would need to take time off work to care for them and a big pay out would make this more possible.

What evidence do I need to submit in order to put forward an application for a critical illness policy?

There will be some questions within the application document asking you about how tall are you, how much you weigh, your age, your gender, how would you rate your present health condition, questions about your work, your hobbies and interests and lifestyle choices etc.

Will I need a medical if I apply for a critical illness policy?

Insurance companies may or may not require that you undergo a short medical examination. They may ask your GP for some facts and figures in order to help them determine the level of risk you have and therefore produce an accurate assessment. Generally, the medical examination takes no more than 5 or 10 minutes.

Will making a claim affect my Government Benefits?

No, making a claim for critical illness should not have any impact on your Government Benefits.

Once I have made a claim for critical illness, am I able to return back to work?

It makes no difference to the insurance company, because once the insurer has paid you the policy ends and what you do is entirely up to you.

Will I be able to modify or prolong my critical illness insurance in the future?

Provided that you selected the option to “renew in the future” when you took out your cover, yes you can. If you did not select that option, then you will not be able to modify your cover. Nevertheless, nowadays just a selected number of insurers give out policies with that type of choice. When you talk to one of our consultants, they should be able to assist you with this.