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What Is Critical Illness Insurance?
Critical illness cover is a form of insurance that pays out a tax-free lump sum if you’re diagnosed with an insured medical condition during the term of your policy. It’s not the same as life insurance, which pays money to a person or people you name if you pass away. You can spend the money how you wish, so you can use it to clear debts, pay medical bills or adapt your home to your particular needs.
Is Critical Illness Insurance Covered Separately From Life Insurance?
Most insurers offer critical illness cover as an extra you add to a life insurance policy, while some also include it as standard. You may also be able to find standalone critical illness cover, but it isn’t as common.
- Type Of Policy Whether you choose to take out a single or joint policy – buying a joint policy could be cheaper.
- Your Occupation Insurers ask about your job to help calculate how likely you are to make a claim – as some occupations carry a
higher risk of health problems.
- Your Age The earlier you take out critical illness cover, generally the cheaper the premium.
- Health & Medical History Insurers will assess your medical history to determine the risk of you becoming ill.
- Your Lifestyle Some lifestyle habits, such as smoking, will also affect what you pay for critical illness cover.
- Level Of Coverage The more cover you add to your policy the higher the premiums will be monthly.
You and your partner can take out a joint critical illness cover policy but we ask you think carefully about how you want the policy to work between you and your partner. Most joint policies you will only be allowed to file one single claim. In some cases however, you can buy joint policies that continue to cover the second person – even after a partner has claimed.