Critical Illness Insurance

What Is Critical Illness Insurance Cover?

A critical illness insurance policy is designed to provide a lump sum payment, on the diagnosis of certain life threatening illnesses.

The proceeds can be extremely useful for adapting to a new lifestyle caused by the illness, as well as helping to support the family financially.

Whereas life assurance has been readily available for literally hundreds of years, critical illness insurance is a relatively recent development.

There are a wide range of insurance companies who offer a critical illness policy. The terms and conditions will vary from company to company, but the following core diseases are offered by virtually all insurers:

  • Cancer
  • Coronary Artery Disease
  • Heart Attack
  • Kidney Failure
  • Major Organ Transplant
  • Paralysis/Paraplegia
  • Multiple Sclerosis
  • Stroke

In addition to the above core diseases, the following conditions are insured, depending on which insurance company is chosen:-

  • Aorta Graft Surgery
  • Balloon Angioplasty
  • Benign Brain Tumour
  • Blindness in both eyes
  • Coma
  • Heart Valve Surgery
  • HIV through Blood Transfusion
  • HIV Emergency Services
  • HIV Medical Profession
  • HIV Assault with Needle
  • Loss of Hearing
  • Loss of Independent Existence
  • Loss of Limb
  • Loss of Speech
  • Motor Neurone Disease
  • Parkinson's Disease
  • Pre Senile Dementia (Alzheimer's)
  • Severe Burns
  • Terminal Illness
  • Permanent and Total Disability

Most insurance companies offer policies which can be extended to include not only critical illness insurance, but also life insurance.

Most insurance companies will offer a policy whereby the cover provided increases, normally in line with the Retail Price Index, to prevent the real value of the cover being eroded by inflation. The policy premium may rise each time the sum insured increases.

It is important to remember that not all critical illness policies are the same. With this in mind, expert advice and guidance is readily available from the Protection Team at Blevins Franks Mortgage Services, by telephoning on 0800 564 2828 or by post / email via the 'Contact Us' page.