Critical Illness Cover is exactly what it sounds like. It will pay a lump sum or regular payment if you are diagnosed with a specified Critical Illness, such as cancer, a heart attack or stroke. All insurance companies have their own definition of what these are, so finding the right insurance company for your needs is crucial. See it as an umbrella - you hope it doesn't rain, but if it does, you'll be glad you have your umbrella with you when it does.
The top 5 reasons for claiming on Critical Illness cover in 2019* were:
- Cancer (65%)
- Heart Attack (10%)
- Stroke (6%)
- Childrens Critical Illness (5% - Of this amount, 53% alone was for cancer)
- Multiple Sclerosis (3%)
The average age for an adult claim was 50 years old, and the average age for a child claim was 8 years old.
*Source: Royal London - who paid 99.7% of all claims totalling more than £575m and helped nearly 120,000 customers.
Standard Critical Illness Cover pays out a set amount if you are diagnosed with a specified Critical Illness during the term of the policy.
Decreasing Critical Illness Cover decreases over time. This sort of cover is ideal for a capital repayment mortgage.
Critical Illness Family Income Benefit will pay a regular monthly amount until the end of the policy term.
Contact our experts today to see which cover is right for you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Forest Hall Financial Solutions is a trading style of FHFS Group Ltd (FRN: 969160) who is directly authorised and regulated by the Financial Conduct Authority for mortgage and non-investment insurance advice. The Financial Conduct Authority does not regulate some forms of Buy to Let.
The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.