Critical Illness Cover is an insurance policy that provides financial support at a time when you need it the most. It is designed to alleviate the financial burden that arises when you are diagnosed with a critical illness. These illnesses can range from cancer, heart attack, stroke, multiple sclerosis to other life-changing diseases that can impact your quality of life.

The coverage levels for Critical Illness Cover vary, and you can choose the level of coverage that suits your needs. You can opt for a standard policy that offers basic coverage, or you can choose an enhanced policy that provides additional coverage. With an enhanced policy, you can receive a payout for a lesser advanced cancer, even if it is not as severe as other conditions covered by the policy.

When does critical illness insurance payout?

It is essential to note that a critical illness payout is made fourteen days after the diagnosis, regardless of the severity of the disease. However, if your policy has life cover, it will pay out in the first instance, providing you with a safety net for the future.

While many people opt for standard coverage to make the premium affordable, it is essential to note that comprehensive policies offer more significant payouts for specific illnesses. In some cases, comprehensive policies cost only a few pounds more than the standard policy, making them a better investment in the long run.

The insurance provider will use specific definitions to explain at what point you will be covered; these must be met with your circumstance at the time for them to consider the claim. There are some providers that will offer lower monthly payments if you have a healthier lifestyle.

Do I need a life insurance policy as well?

A broker can help you create a policy that suits your needs and priorities. Life insurance and Critical Illness Cover are often combined to ensure that you have protection across all aspects of your life. The distinct advantage of having both types of insurance is that you have financial support regardless of which condition you are diagnosed with.

It is essential to review your policy at every significant life event, such as getting a new mortgage or having a child. Updating your policy will ensure that you have adequate coverage, irrespective of the changes in your life circumstances. The insurance market is dynamic, and having a broker who can help you navigate the changes in the market and advise you accordingly is crucial to ensuring that you have adequate financial protection.

LTC Mortgages are here to discuss your options with the information you provide, we will find you the best policy to suit your situation. We will go through what’s best for you. We will review any existing policies you may have and see if we can find you a cheaper or better deal that may include more coverage.

If you are interested in an insurance policy contact us today at 0151 662 0188 or email [email protected].