Critical Illness Cover

Compare critical illness policies from leading providers

How muchCritical Illnesscover do I need?

Critical illness insurance is one way to help mitigate financial losses in the event you are ever diagnosed with cancer, kidney failure or any other covered illness.

However, bear in mind that not all policies cover every kind of illness known to man. There are exclusions that consumers need to pay attention to.

What would you do if you discovered you had a heart condition requiring surgery? You would undoubtedly miss time from work, yet you would still be required to pay your bills every month. Your illness could end up devastating your finances if you do not have sufficient savings or extra income you can rely on. Enter critical illness cover.

Critical illness insurance make a lump sum payment based on the terms outlined in your policy. The best policies cover a core set of illnesses that are fairly common in the UK. Keep reading to discover what those illnesses are.

Covered Illnesses

Below is our list of covered illnesses addressed by most critical illness policies. Anything not on this list may, or may not, be covered by a given insurance company. It is up to the consumer to inquire about unlisted illnesses prior to purchase. With that said, here are the core illnesses typically covered:

  • Cancer
  • Coronary artery bypass surgery
  • Kidney failure
  • Kidney failure
  • Major organ transplant
  • Multiple sclerosis
  • Stroke

You need to know that critical illness cover usually involves a waiting period of 14, 28, or 30 days. The existence of a waiting period means a policyholder will not receive a lump-sum payout immediately following the critical illness diagnosis. The payout is only made if the individual survives the waiting period. The purpose of the waiting period is not to punish people who are in a tough situation. It is to prevent individuals from purchasing insurance knowing full well they are likely to be diagnosed with a critical illness that could be immediately terminal.

As with any other form of insurance, critical illness cover varies in terms of premiums and exclusions. Therefore, it is beneficial to shop around before you buy. Rosey Futures can help by providing answers to your questions and insurance policy quotes. You can get your quote online or call and speak directly with one of our representatives.

Do not put yourself or your family in financial danger by going without critical illness cover. For just a small amount of money every month, you can guard against financial loss in the event you are diagnosed with the critical illness. It is the least you can do to protect yourself and your loved ones.

According to the Office for National Statistics, you are five times more likely to be diagnosed with a critical illness than to die prior to age 65.

This suggests that the average adult should seriously consider critical illness cover – just in case.

Imagine going to your GP to have a recently discovered lump examined. As a woman, you might be gravely concerned about the possibility of breast cancer. Men might go to the GP wondering if testicular cancer will be found. In either case, a cancer diagnosis could eventually devastate your finances through a combination of treatment expenses and lost work. Critical illness insurance exists to help mitigate those losses.

Critical Illness Cover Explained

There is a lot of confusion out there regarding critical illness cover. Let's clear up some of that confusion by defining what this insurance is and how it works.

Critical illness cover is a type of insurance that pays out a lump sum on the diagnosis of a covered illness, provided the policyholder survives according to a defined waiting period spelled out in the policy. Survival periods are typically 14, 28, or 30 days. Assuming you were diagnosed with a form of cancer, you would receive your lump sum payment at the conclusion of the waiting period you agreed to at the time of insurance purchase.

Anyone in good health can purchase critical illness cover as long as he or she is between the ages of 18 and 70. As an added benefit, the most competitive policies cover children at no additional cost. By purchasing critical illness cover for yourself, you could protect your entire family, less your spouse.

Please keep in mind that there are a core set of illnesses covered by most policies. By default, that also means there are some illnesses that are not covered. It is very important for you to read all sales materials and policy documents carefully before you agree to purchase a policy. You need to know exactly what you are getting so that you are not caught off guard should you need to make a claim.

Please check the 'ILLNESSES' tab to find out exactly what core illnesses are covered. If you have any questions, please do not hesitate to call and speak with one of our representatives. Rosey Futures wants to help you find a critical illness insurance policy that meets your needs without breaking your budget. We are happy to say that critical illness cover is very affordable for most individuals.

Remember, you are five times more likely to be diagnosed with a critical illness than die prior to age 65. Consider purchasing critical illness cover, just in case.

The Telegraph reported in 2001 that there were more than 1.2 million people out of work for at least one year due to critical illness.

Those numbers have changed very little in the 14 years since. The statistics make it evident that critical illness cover should be a part of every adult's financial planning strategy.

The UK health system makes it very easy to ignore the potential problems related to critical illness. After all, the NHS covers most of our medical care. What many people fail to realise is that a critical illness can be financially devastating due to lost income. For example, consider a heart attack that may result in coronary bypass surgery. A person could be out of work for 6 to 12 months as a result. How would that person pay the bills?

Lost income is one of the biggest struggles affecting those diagnosed with critical illnesses. The financial stress resulting from lost income only serves to make the sick person feel worse under the pressure of not being able to meet financial obligations. It is not worth going without cover if you can afford the relatively small premiums.

Helping Make Ends Meet

The average consumer who is relatively young and in good health may not need critical illness cover right away. However, it is always good to assess your circumstances every now and again. We recommend you seriously consider purchasing cover if any of the following apply to you:

  • Mortgage Payments - Lost income due to being unable to work could end up costing you your house if you have no other way to make mortgage payments. Home ownership is one of the most important reasons to have critical illness cover.
  • Insufficient Savings – A tight economy makes it difficult for most UK families to save a significant amount for a rainy day. Even if you cannot save, you still might be able to afford monthly premiums for critical illness cover.
  • Single Income – Single income families could be in real trouble in the event of a critical illness. While cover will not pay all of the family's bills forever, it will at least provide something until other arrangements can be made.

Some critical illness policies offer extra benefits in the event the illness in question creates a permanent disability. This is something you should look into when purchasing insurance. If you are interested in receiving a quote, or you have questions requiring answers, please contact us at Rosey Futures. We are here to help our customers find the right kind of insurance at the right price.

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Rosey Futures Limited is an Appointed Representative of Independent Financial Advisor Ltd which is authorised and regulated by the Financial Conduct Authority. Firm reference number: 624929. You may check this on the Financial Services Register by visiting the FCA website. The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk. Rosey Futures Limited is registered in England and Wales No. 9039811. Registered Office: Investment House, Bolton Road, Bradshaw, Bolton, BL2 3EU.

The information contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.