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Critical Illness Cover Guide

Hopefully, you or a family member will never need to have critical illness cover, but we have created this blog article to let you know all of what it consists of. Weystone Financial has been helping individuals and families find the best critical illness cover for them for many years. If you have any further questions about critical illness cover then contact us on 01264849179. Our team will help you find the right critical illness cover for you. You can contact us by email on info@weystone.co.uk.

What is Critical Illness Cover?

Critical illness cover is a form of insurance that pays out a tax-free lump sum if you are diagnosed with a medical condition or illness specified in the terms of the policy. This is different from life insurance, which pays money to your family or people you name if you pass away. This can be used at any time to support you and your family. This may include lost income while you are recovering, health-related costs and monthly expenses. You can spend the money how you wish.

 

Why Do I Need a Critical Illness Cover?

If you were to be diagnosed with a critical illness, it would unquestionably have a major impact on your life, so this allows you to focus on your health concerns, rather than financial pressures. Having a lump sum to fall back on could also mean that you would not need to return to work as quickly, allowing you sufficient time to properly recover, or it could even provide a lump sum to repay your mortgage early.

 

Will My Condition Be Covered in Critical Illness Cover?

It’s important to find a cover that suits your needs, some providers have different illnesses they cover. Some policies may not cover all the illnesses you might expect. We always recommend reading every part of the policy to ensure that it suits your needs, we offer a tailored service to help you with this. Some insurance companies include more than 60 ailments, conditions and injuries. However, even if your illness is on the list, whether you get a pay-out could all depend on how severe or permanent the condition. Some forms of cancer, for example, are not included because they are easily treatable and not seen as a significant threat. Some companies won’t pay a claim for cancer until it has reached a specified stage. Similarly, a mild stroke or mild heart attack could be excluded on the basis of severity.

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How Much Will it Cost?

There are many factors to take into consideration, your health, whether or not you smoke, and your age will be some of the factors that will go towards calculating the premium. All insurers offer different levels of cover and premiums. We recommend that it really is worth seeking professional advice. If you stop paying for the premiums then the cover will stop. Furthermore, there is no cash-in value to critical illness cover if you don’t use it. As critical illness cover depends on how healthy you are, the premiums will increase as you get older and unhealthier, as the likelihood of your making a claim rises. You can bring down the cost of cover by changing your lifestyle

 

When Will it Payout?

You will receive a payout the sum assured on diagnosis of a specified critical illness, the resulting payout can then be used to help make your life better at what would undoubtedly be a difficult time. Choosing the most appropriate level of cover, type of policy and provider can be difficult, and therefore taking professional financial advice can be massively important.

Be Honest

We always recommend that when you are setting up the critical illness cover that you fully transparent with your situation. This will boost your chances of a successful claim, make sure you fill in your application carefully and accurately, answer all questions in detail – especially the medical questions. Claims often get refused because the policyholder did not disclose all the relevant health information.

Weystone Financial 

If you are looking for critical illness cover and a team who are trustworthy and provide professional advice to guide you every step of the way, then look no further than Weystone Financial. If you would like to discuss critical illness cover with a specialist, call today on 01264849179. Our team will help you find the right critical illness cover for you. You can contact us by email on info@weystone.co.uk.