Critical Illness Covers: What You Need To Know.



Posted on: 9th April 2015

While it’s not the most pleasant thing to think about, approximately 20% of all adults will find themselves hit by a serious illness before reaching retirement age.

This in a nutshell illustrates exactly why critical illness cover is so important, as it’s not until these kinds of things happen that it becomes clear just how big of a financial burden illness can be.

However, while it’s a pretty simple black-and-white subject with regard to the importance of cover, critical illness cover as a product can be quite complicated. There’s really no such thing as just heading out and taking home a one-size-fits-all policy, as just like all other examples of insurance it’s all about getting the right ‘fit’ for you and you alone.

So with this in mind, here’s a look at just a few of the things you simply MUST bear in mind before and during the critical illness cover shopping process:

1 – Not All Conditions Are Covered.

In terms of exactly what conditions are and are not covered, every policy varies across the board. Generally speaking, the most common conditions that call for critical illness cover to be used by a policy holder are heart attacks, MS and cancer, so it’s crucial to make sure that these are covered. However, when a policy says it offers cancer cover there may be exceptions with regard to certain types of cancer and the stage at which the cancer is diagnosed. If in any doubt, speak to an independent professional before going ahead.

2 – Start Early and Save.

It’s common for adults to wait until a later stage in life before taking out critical illness cover, but not only does this in some instances make it more difficult to find comprehensive cover, it may also cost significantly more. The younger you are and the better your health at the time of taking out the policy, the less you will have to pay for your premiums and the more wide-reaching your cover will be.

3 – Consider the Kids.

Contrary to common belief, critical illness cover is not only for adults. Think about it – if (God forbid) one of your kids was taken ill and you had to take several months off work, how would you afford to keep paying your bills and living? By taking out a policy that covers the kids, you may be entitled to a pay-out to help keep things moving should an illness on their part force you to take time away from your job.

4 – Existing Conditions Are Rarely Covered.

When you sign up for your policy, any existing conditions or pending diagnoses you have at the time will generally not be covered by the policy. In addition, should you pick up any diseases or illnesses along the way due to your own lifestyle choices – self-inflicted injuries, drug-related HIV or hepatitis etc. – you will also rarely be covered by your policy.

5 – Application Discrepancies Can Void Your Policy.

Last up, if you fail to mention even the slightest detail of importance when making your application in the first place, you could be paying for a policy that’s worth less than the paper it’s printed on. Unless you’re 100% honest, there’s really not point in applying at all.