When it comes to selecting a critical illness policy, it’s important to compare the type of cover available before you commit to buying. There are important differences between each type of critical illness policy on the market, which is why it’s vital to look at your cover from all angles before signing up. Let’s take a look at how you can make more informed decisions when it comes to taking out a critical illness policy.
What does a critical illness policy cover?
A critical illness policy is a type of insurance policy that pays out a tax-free lump sum if you were to be diagnosed with an illness or medical condition that has been specified in the terms of your chosen policy. Each critical illness policy on the market varies, so it’s important to make sure that you know the ins and outs of what your policy covers and to what extent. Primarily, a critical illness policy will cover you for a significant number of critical illnesses, with the most common being cancer, heart conditions and strokes. The certainty that a critical illness policy offers doesn’t end there, if your illness or injury results in a permanent disability, often you can still be covered under your policy.
Typically, people choose to take out a critical illness policy on its own, however, critical illness insurance can often be bought alongside life insurance and can be cheaper to do so. This means that a policy with life insurance included can pay out on whichever comes first or a seperate benefit, i.e. two potential payouts. Having this type of policy in place will provide you with the reassurance that you will be taken care of if you were to take ill to help with any life changing needs, at the same time providing you with peace of mind that your loved ones will be looked after if the worst was to happen.
As well as having a critical illness policy alongside life insurance, some individuals opt for a critical illness policy as part of a mortgage protection life insurance policy. With this combination, you will have enough life insurance and critical illness insurance to cover your mortgage if something was to happen.
Sharing your details
Just as you would like your policy provider to be open and honest about exactly what your critical illness policy will cover, you need to be just as clear with your policy provider. When you have narrowed down your options, you’ll next need to consider your application. In order to give yourself the best chance of a successful claim, you need to make sure that you fill in your application carefully and accurately, and answer each question in detail, especially those that are medical questions. It’s important to be honest when applying for a critical illness policy as claims often get refused because the policyholder hasn’t disclosed the necessary health information needed.
How we can help
At Protectus, we know how hard it can be to navigate the health insurance market alone, especially when searching for a critical illness policy. That’s why we’re on hand to help you through the process. Our wealth of experience and expertise ensure you have the correct type of policy to cover you and your family’s future, for the times when you need it most.
We understand the importance of protecting your health and financial future, that’s why we offer honest and reliable health and protection insurance guidance, so you know exactly what you’re covered for. Get in touch and let us find the critical illness cover that suits your individual needs.