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What’s the deal with critical illness insurance?
Each policy might be different. We’ll swoop in and help you decide on the right one for you and your budget. We’ll get to know your circumstances, like existing conditions, diseases, and illnesses you’ve suffered with before, and match you to the right policy.
How Does Critical Illness Cover Work?
When you take out a critical illness policy, you pay regular premiums to your insurer. In return, you’re covered for a set list of serious medical conditions, such as cancer, heart attack, or stroke. If you’re diagnosed with one of the listed conditions during the policy term, the insurer pays out a one-off lump sum. Most policies run for a fixed number of years, often in line with your mortgage term or until your children become financially independent. You can choose the level of cover based on your needs, for example, enough to pay off your mortgage or replace several years of income.
When applying, you’ll be asked questions about your health, lifestyle, and family medical history. These help the insurer assess your level of risk and set your premium. The younger and healthier you are, the more affordable your cover tends to be. Some people take out critical illness cover on its own, whilst others combine it with life insurance for more comprehensive protection. This way, you’re covered not only if you pass away but also if you’re diagnosed with a serious illness during the policy term.
What Does Critical Illness Insurance Cover?
Most critical illness cover includes a set list of major illnesses and conditions. These often include:
- Cancer
- Heart attack
- Stroke
- Multiple sclerosis
- Kidney failure
- Major organ transplant
- Parkinson’s disease
- Motor neurone disease
- Coronary artery bypass surgery
In most cases, the policy will only pay out if your diagnosis meets specific criteria set by the insurer. This usually means that less severe forms or early-stage diagnoses of certain conditions may not qualify for a payout. Coverage can vary between providers, so it’s important to review the policy details carefully. At Mortgage Matters, we help you understand exactly what each policy covers, ensuring you get the protection that suits your needs.
FAQs for Critical Illness Cover
Generally, if you're aged between 18 and 64, you're eligible to apply for critical illness cover. Your application will be assessed based on your age, health, medical history, and lifestyle factors such as smoking or drinking habits. Whilst some pre-existing conditions may limit your options, we can usually help you find a suitable level of cover.
Whilst the list of illnesses varies between insurers, most policies cover serious conditions like cancer, heart attacks, and strokes. Other commonly covered illnesses include multiple sclerosis, kidney failure, and major organ transplants. We’ll guide you through the policy wording to ensure you know exactly what is and isn’t covered.
To make a claim, you’ll need to contact your insurer and provide evidence of your diagnosis, usually from your GP or consultant. The insurer may also request access to your medical records to verify the diagnosis and ensure it meets the policy’s definition of a critical illness. They will then review your claim and inform you of their decision. If approved, you’ll receive a lump-sum payment as outlined in your policy.
Critical illness insurance can provide valuable support if you’re diagnosed with a serious condition like cancer, a heart attack, or a stroke. Your insurer would pay out a lump sum that you can use however you need, whether for treatment, everyday expenses, or mortgage payments. Whilst not essential for everyone, it’s particularly useful if you have dependents, limited savings, dependents, or minimal employer sick pay.
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You’re in safe hands
Mortgage Matters are proud to be the best choice for your nest. Not only are our mortgage advisors 5-star rated, we're proud to say that our insurance products are also Defaqto 5-star rated too.
