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What is critical illness cover?
A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan. There are a wide range of policies out there, all varying in the degree of cover that they offer. Here at Vistaara Financial Solutions, we are on hand to help you make the best possible choice.
Who is critical illness cover for?
This type of plan is designed for those individuals or families whom want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.
The quality of cover and the illnesses covered can vary significantly between different providers. Vistaara Financial Solutions can help you find the plan that best meets your requirements.
What Is Included in Critical Life Cover?
Critical illness cover policies vary from insurer to insurer, and will depend on the type of cover that you take out. However, there are a group of conditions that are often covered in all policies, from provider to provider. These are as follows:
- Heart attacks
- Strokes
- Certain types of cancer
However, there are some policies that cover a wider range of conditions, or even conditions at different levels of severity. If this is something that you are looking for, then you should tell us, and we will be sure to make sure that your wishes are accommodated. The following illnesses and conditions are sometimes not covered by some critical illness cover policies:
- Organ failures
- Organ transplants
- Life changing disabilities following an illness or injury
- Traumatic head injuries
- Parkinson’s Disease
If you are looking for real peace of mind, then you will be pleased to know that there are some policies that cover up to 50 conditions. The key is to read all of this small print before taking any kind of cover out. Luckily for you, we are here to take on that hard work so that you don’t have to.
What Kinds of Illness Cover Are Available?
Critical life cover can be broken down into two main categories, as seen below:
Additional cover: This is when you take out a life insurance policy with additional critical illness cover. If you opt for this kind of cover, you will be eligible for a pay-out when you are diagnosed with a critical illness that’s included in your policy, as well as when you pass away.
Combined cover: this is a combined life insurance and critical illness policy. This kind of cover will only pay out once, either when you are diagnosed with a critical illness or when you pass away.
Choosing which of these is right for you can be a little daunting, which is where we come in. We’ll really make the effort to get to know you, and we’ll gather all the information that we need before we begin the search for the right kind of cover for you.
Can Critical Illness Cover Protect a Partner?
Before you take out any kind of critical insurance cover, you should consider whether you would like your partner to be covered as well. You can usually take out a joint life insurance policy with critical illness cover. As this is a kind of combined cover, it will usually only pay out once. In most circumstances, this will be for whoever on the policy is diagnosed with a critical illness first.
Contact Us Today
If you would like to find out more about how we could help you to choose the best critical illness cover for you, then please do get in touch with a member of our friendly team today. They’ll tell you everything that you need to know about the process, and will be able to get things started as soon as you like. So why delay?
