Who Is Eligible For Critical Illness Cover?
Insurers will ask for details about your lifestyle and health before providing a quotation. The cost of your insurance will also depend on whether the policy term runs for a fixed period, or covers you for the rest of your life.
The insurance premiums are usually paid by a monthly direct debit.
You will need to let your insurer know:
Your age
Details of your health and medical history
How healthy your lifestyle is – for example, if you smoke
What you do for a living
What Conditions Are Covered By Critical Illness Cover?
This insurance can cover any condition, however, if you have a pre-existing medical concern you must disclose this before taking out a policy, to ensure it isn’t rendered void if you ever need to make a claim.
Policies can cover any illness, or those within a specific list, such as:
- Cancer
- Strokes
- Heart conditions
Make sure to check your policy carefully before committing to your cover; many insurers exclude certain illnesses or types of condition, so it is essential to know what is and is not insured.
Other types of condition that may or may not be included within your insurance include:
- Disabilities – permanent, partial or total
- Loss of speech, hearing or sight
- Kidney or liver failure
- Loss of limbs
- Brain conditions and injuries
- Serious burns
Who Should Take Out Critical Illness Insurance?
Some people choose to take out critical illness cover because of concerns that they may become ill in the future. It is particularly important for people in more risky lines of work, who feel that they are at a higher risk of becoming seriously injured than others.
The main consideration is whether you and your family would be able to cope financially should you become seriously ill.
Critical illness insurance can relieve the worry of losing your home through failure to keep up with mortgage payments, being able to sustain your quality of life, and being able to provide for your children and family should you become unwell.
If in any doubt about whether critical illness cover is right for you, what policy would best suit you, or which insurer to choose for the best deal, give our team at business loan broker a call and we will be able to recommend the best options!
