Critical Illness
What is Critical Illness Cover: Critical illness is a policy designed to pay out a tax FREE lump sum in the event of being diagnosed with one of the specific critical illnesses listed in the policy you have selected. During the course of this page our aim is to give you factual information and tips on critical illness insurance policies so you can decide if this is the right cover for your needs. It will take no more than 5 minutes to read the following page which could help you make a major decision for you and your loved ones in life so please take the time to read the content of the page as it is for your benefit.
Critical Illness Aims
Critical Illness Insurance Aims: the aim of a critical illness insurance plan is to protect you and your family for as many critical illnesses as effectively as possible, with flexibility at your discretion.
You select the amount of cover that you require, the period you want the cover to last although most companies have a five year minimum and the amount of critical illness diagnosis you want to cover, although the more you select the more expensive the cover becomes.
Critical Illness Cover Commitment
Critical Illness Cover Commitment: Your commitment to critical illness insurance plan is to pay the monthly premiums.
When completing the medical questionnaire please ensure your answers are accurate and truthful as the insurance company will not pay out in the event of a claim if you have given false information on the application form. Finally please notify the insurance company if any of your circumstances change between your application being submitted and the policy becoming live.
Critical Illness Insurance Risks
Critical Illness Insurance Risks: This type of insurance plan has no cash in value at any time unless attached to a whole of life, endowment or other similar policy but should not be used as a savings policy with any of the above or any other type of policy. In most cases if you stop or miss a payment the cover will lapse 30 days after the missed payment was due.
Please ensure you read the aims, commitments and risks before applying for critical illness insurance.
Critical Illness Statistics
Critical Illness Statistics: The major critical illness affecting men is heart attack and one of the most common critical illnesses for woman is cancer, we will try and summaries the statistics as briefly as possible in this section to help you make your decision in deciding if you wish to protect yourself and loved ones against contracting a critical illness. All the following statistics should be taken seriously so please do not leave this page thinking it will never happen to me as they happen every day to someone.
According to cancer research fund one in three people in the UK may suffer from a critical illness at some point in their life: British Heart Foundation state that about 300,000 may contract a critical illness such as a heart attack each year and that half of these may be fatal.
Imperial Cancer Research Fund also state that woman diagnosed with a critical illness such as breast cancer around sixty two % will live five years or more.
More statistics show that around 100,000 people in the UK will suffer a critical illness like a stroke each year with some 8,000 of these under the age of 55, and a further 30,000 left with a long term disability due to this.
Why Critical Illness Cover
Why Critical Illness Cover: As stated above one in three adults will suffer a critical illness in their life and the life expectancy with medical advances is increasing every day for these types of illnesses.
So why do i need it you are asking yourself, well more and more people are living longer after diagnosis of a critical illness but more and more are having to take time of work for treatment, cant return to work or have to make alterations to their life and possibly structural changes to their property to accommodate their state of health and this is why it is important to have critical illness cover in place to help with these changes. We will be more specific later on in this page on this.
Critical Illness Variable Costs
Critical Illness Cover Variable Costs: With a Critical illness policy there is 3 factors which you can change to help make the cost of the critical illness insurance fit your budget the remainder of the factors are fixed, this should assist you in getting the best quote to meet your budget for this type of cover.
The three factors are amount of cover you require you can increase this or decrease this until it suits your budget, the next factor is the term you have selected, as the older you get the more likely you are to suffering a critical illness so by reducing the term may also save you money and lastly the amount of critical illness cover the policy has will also help to reduce the cover as some more expensive policies give you greater cover for certain critical illness conditions.
Critical Illness Fixed Costs
Critical Illness Cover Fixed Costs: Your age whether you smoke or not cannot be changed but if you have stopped smoking in the a twelve month period after you have taken out the Critical illness policy then we suggest you get a new quote as smoking has a large bearing on the premium you are currently paying.
Your address will not affect the premium and the only other factors to consider that could affect the premium at this stage are whether you want guaranteed premiums or renewable premiums on the policy . We will give you a brief description of this. Guaranteed premiums means the policy cost will remain the same throughout the term of the policy , but re viewable premiums means the critical illness policy company has the right to increase your premiums throughout the term of the policy, meaning guaranteed is more expensive at the outset but may become cheaper throughout the term of the policy if the critical illness insurance company decide to increase your premiums on re viewable premiums during the life of the policy which is a great possibility as more and more people are living longer after being diagnosed with a critical illness then you could end up paying more for the same cover over the longer term.
Critical Illness How Is It Paid Out
Critical Illness How Is It Paid Out: Critical illness is a policy designed to pay out a tax FREE lump sum in the event of being diagnosed with one of the specific critical illnesses listed in the policy you have selected.
The policy will generally pay out after 30 days of diagnosis but read the policy document to be sure it does not have a longer deferred period. Most critical illness policies have FREE children's critical illness cover built in to the policy although it is our sincere hope you never need to claim on this you need to be aware that it is part of most policies. This is to assist parents in difficult times for loss of earnings etc and generally comes as a fixed amount or a percentage of cover the parent has selected in their cover although we suggest you read the policy document to clarify this situation.
Critical Illness Single Or Joint Cover
Critical Illness Single Or Joint Cover: Joint cover can be the cheaper option of the two but things to consider before you get this quote is if their is a large age gap between partners this can be detrimental to the younger partner in the cost of premiums, are both partners non smokers if not then this can also be detrimental to the partner that is the non smoker, who is the major contribute to the household financially and do you need different levels of cover because of this.
Remember that the critical illness cover quote facility is FREE so explore all these options before you decide on what is the right policy and premium for your needs.
Life Insurance And Critical Illness
Life Insurance And Critical Illness Cover: This may come as a surprise but many critical illness providers either produce a quote for life insurance and critical illness together cheaper than getting a stand alone critical illness policy quote.
We suggest that you get both types of quotes and look at the difference in premium before deciding which one to select to meet your needs. Remember the quote facility is FREE to use so explore all of the options above as this can save you hundreds if not thousand of pounds over the term of the policy.
Critical Illness How Much Cover Do I Need
Critical Illness How Much Cover Do I Need?: Their is no right or wrong amount of cover you require the most important thing to consider is the premium you have selected in line with your budget. Some people wish the have cover equal to their outstanding mortgage, others want the mortgage protected and more for alterations to the property in case they are needed after they start to recover and other people just want their salary protected for a number of years to help with costs until they recover and are able to return to work. Do not make the premium a strain on your budget ensure that you will be comfortable with the monthly payment. Remember the level of cover required and term of the policy are variable costs so adjust these until you get a premium you are comfortable with.
Critical Illness Cover Quote
Critical Illness Cover Quote: Financial support for yourself and loved ones is an important part of life and already many people have covered them self for premature death or critical illness so they and their loved ones are not left with financial hardship in the event of these events happening.
Remember death happens to everyone at some time and some sooner than others and critical illness will strike one in three people during their life so you can see how important it is to have protection in place for all concerned.
Don't put of getting your critical illness cover quote FREE any longer getting a standard critical illness cover quote will take approx 3 minutes so you have no excuse to delay it even longer hit the quote button now and get your quote. If you have any questions or need assistance using the quote facility email us at info@moneyandme.co.uk and we will be happy to assist with your query.
Life Critical Illness Cover
Life Critical Illness Cover: Remember choosing the protection policy isn't just important it is critical and this is the reason we have given you as much information as possible so you can get this critical decision correct.
Our FREE quote facility is here to help you and all the providers on the quote facility are all registered with the FSA to give you extra peace of mind. The system we use to generate your FREE quote has all the major insurance companies on it making the system a whole of the market quote which should assist you in finding the cheapest quote possible for your circumstances.
Critical Illness Summary
Critical Illness Cover Summary: If you are single you may wish to pay off your mortgage in the event of being diagnosed with a Critical illness for peace of mind as your income will reduce while you are off work recuperating from the illness.
Young married couples may also have it to protect the mortgage so your house is safe in the event of diagnosis and Parents and partners may have it for the same reason and additional cover to protect their dependents in case this ever arises. FREE cover for the children which may help with private medical costs if this is the route you decide to use and many other benefits. The critical thing to remember is the policy will pay out a tax FREE lump sum on a valid claim. We hope you have found this information useful in making your decision and would welcome any feedback you feel would help the site by completing the feedback form at the top of the page.
Other Products and Services
Other Insurance Products: Moneyandme.co.uk offers a large selection of insurance policies including car insurance and income protection policies to protect your car loan repayments in the event of Accident, Sickness or Unemployment which we strongly recommend in the current economic climate. Our aim is to save you money on your Insurance needs whether they be mortgage protection, Life insurance, House insurance or any other products.
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