Who can take out critical illness cover?

Critical illness cover is accessible to most people though exceptions may apply. Many companies only offer insurance for people under a certain age and most will not cover people who already have pre-existing conditions. If you presently have an illness it is imperative that you reveal this information to the insurance company before the policy is confirmed. If you have not been honest about your health this could result in the insurance company refusing to pay out on the basis that you didn’t divulge your illness.

If you have family history of a disease, such as cancer or heart disease, this may affect your premium. You should be able to attain critical illness cover but the premiums may be higher because you have a higher risk of developing the condition.

If you are wedded or living with a partner you may be advised to get a joint policy. However, it may be wise to take out separate policies as most companies will only pay out for one person, which means that the lump sum will be rewarded if the first person becomes ill and no further payments will be made; even if the second person is diagnosed with an insurable condition.

Most critical illness policies offer automatic cover for children, which is beneficial for families. If you already have a policy before you have children, you can adjust your policy if you have children further down the line but this may increase the premium you pay. If you have a child that is born with an illness or develops a serious illness before the policy is taken out, this will not usually be covered.

Who can benefit from critical illness cover?

Critical illness cover is valuable for anyone who would struggle financially if they were unexpectedly told they have an illness that is considered serious. Critical illness policies are designed to provide aid from economic worries if an individual learns that they have a critical illness. The policies work on the basis that the insurance companies agree to disburse a lump total if the person who’s got the policy is found to have a serious illness; the funds can be used for treatment, medical equipment or put towards household bills and costs.

Statistics show that 1 in 3 people in the United Kingdom will experience a stroke, heart attack or cancer, and critical illness cover can help to give you financial peace of mind at a time when you don’t want to be anxious about how you will afford the costs of providing for your relations or keeping up with your rent or mortgage payments.

If you are not sure whether you would benefit from critical illness cover you can arrange to see a financial adviser, who can explain how the policy works and how it would benefit you or your family. A financial adviser will also be able to recommend the best policies for your needs within your budget.

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