What is Critical Illness Cover?

Critical illness assurance pays a tax-free lump sum on diagnosis of any one of a list of serious illnesses, some of the most common illnesses being cancers, strokes and heart attacks.

According to the Office for National Statistics, you are five times more likely to suffer from a critical illnesses than you are to die before you reach 65.

Scary as that may sound, the good news is that medical advances mean more people than ever are surviving conditions that might have killed previous generations. For example, more than 90% of men diagnosed with testicular cancer are still alive five years after diagnosis, while more than 80% of women diagnosed with breast cancer have the same survival rate.

Why have Critical Illness Cover?

We never think a critical illness is going to happen to us, especially when we feel fit and healthy, but it can and does happen!

If you stop and think about it for a moment, you will probably realise you know of at least one family member or friend who has been directly or indirectly affected by one of these life changing events.

The scary thing is most home buyers purchase life assurance when they arrange a mortgage, but only a minority obtain another form of financial protection that they are five times more likely to need before they reach retirement.

Critical Illness Cover can provide that desperately needed cash support to allow people and their families to pursue a less stressful lifestyle while they recover from illness, buy more specialist medical care, or for any other purpose like paying off their mortgage.

According to a survey by Axa, half of women in Britain have no life assurance, Critical Illness Cover or income protection, and a quarter rely on their partner's policies instead. But with one in every five claims made on a critical illness policy being for breast cancer, and about 46,000 people diagnosed each year, is now not the time to make sure you have the right protection in place?

If you have a family, did you know that if you take out life cover and critical illness cover, some insurance providers include an element of cover for your children for free?

Many people expect to be automatically accepted for this cover, but age and ailments can create exclusions or even cause you to be declined for cover altogether.

So the best bit of advice we will ever offer you around critical illness is: "Whilst you are young, fit and healthy, get your critical illness cover in place!"

Why use a Broker for Life Assurance Needs?

Basic cover

The price you are first shown on a price comparison website may not always be what you end up paying. There are concerns that aggregator websites are providing quotes for the most basic cover to ensure that a company appears at the very top of the results page. However, once you go through and add in all of the extras to get the cover that you need, you might not actually be getting good value for money.

'Cheap’ isn’t always best

It’s all in the name. Price comparison websites aim to find insurance based on the price not on quality of cover!

‘Cheap’ insurance can cost you more in the long term if you do not have the right cover in place when making a claim. It is important to check the quality of the cover to ensure you are protected should the worst happen.

Price comparison sites

Because policies vary widely in the cover they offer, the best way to buy Critical Illness Insurance is through an impartial financial adviser or a broker specialising in protection insurance.

Not only will specialist advisers be able to trawl through various policies on the market, they will also be able to advise you on whether a critical illness policy really is appropriate for your needs.

An adviser will also be able to help you decide how much cover you need, how long the policy should last and whether you should combine critical illness and life cover.

Having access to the some of UK’s top insurance providers, we can advise you on comprehensive products at prices that won’t break the bank. Don’t delay, give one of our experienced JF Financial Associates Insurance Brokers a call today on 0845 508 8588

JF Financial Associates will never sell you something you don’t want. We offer impartial advice on what you need!