Critical Illness Cover

Critical illness Insurance is a long-term insurance policy, generally designed to pay a lump sum on the diagnosis of certain life-threatening or debilitating (but not fatal) conditions.

Many people buy critical illness cover when they take on a major commitment such as a mortgage. Critical illness policies usually only pay out once, so are not a replacement for income. You can use the payout to pay for medical treatment, pay off your mortgage or anything else you need.

We Wouldn't Wish Ill Health On Anybody, But...

Help To Understand

Critical illness insurance policies can be complicated because they have to be very carefully shaped to fit the customer - they have to be specific across a wide range of conditions and will contain medical terms. Some insurers now provide a plain English guide to the illnesses covered. Your Peter Male Advisor will unravel the mysteries of the critical illness insurance for you.

Conditions Covered

Critical illness insurance policies specify the illnesses covered. These might be conditions such as heart attack or stroke, certain types and stages of cancer, multiple sclerosis and loss of limbs. However, the level of severity of the illness, such as in heart disease, will make a difference, and not all cancers or stages of cancer will be covered.

Exclusions and Limitations

The policy will also specify any other exclusions or limitations, and will set out the criteria that have to be met before the insurer will pay a claim. Critical illness insurances do not cover simply any sickness that affects your ability to work. You can speak freely to your Peter Male Advisor about illnesses that you believe may concern you, in the knowledge that whatever you say will be treated as confidential.

Critical Illness Policies Differ

Critical illness insurance premiums are usually cheaper the younger and fitter you are. Some insurers exclude all pre-existing conditions but others will decide on the basis of your personal medical history and that of your close family. Occasionally, policy providers may offer to reduce the premium if they exclude a pre-existing condition, such as cancer. The detail is in the negotiation, which is where a Peter Male Advisor can save you money.

Reviewable or Guaranteed Premiums?

Some critical illness policies may give you these options. Guaranteed premiums are more expensive, but will stay the same for the life of the policy. Reviewable premiums may be lower, but prices could rise if, for example, new screening methods result in more claims. Some policies may be combined with life cover, which may make the critical illness element cheaper.

Critical Illness Cover Advisor

Not all independent financial advice firms have the knowledge surrounding critical illness cover. To ensure our clients get the maximum out of our advice we have financial advisors who specialise in that market. This guarantees that the advice and any financial products relating to critical illness cover is unbias and surrounded by impartiality.

 

Latest News

Warning from the Consumer Financial Education Body

Not all firms will give you advice about whether an insurance is suitable for you. They should tell you whether they will be offering advice and recommending a policy, or giving you information only.

If they only give information, you will need to consider the information they give you and make your own decision as to whether the product is right for your needs, or seek independent financial advice. (quoted from cfeb – Consumer Financial Education Body)

Trust, Integrity and Transparancy: Shaping Your Future

At Peter Male we pride ourselves on trust, integrity and transparency - on simplifying the jargon and finding you the insurance policy that offers the most advantageous terms for you and your circumstances. And with so many considerations and complications when it comes to critical illness insurance, it is all the more important that you can trust us to advise on the correct policy for you. Speak to a Peter Male Advisor today!

But don't just take our word for it; find out what insurance providers are allowed by law to offer, and what financial services can do for you at Moneymadeclear on the Financial Services Authority (FSA) website.