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Understanding critical illness cover

Critical illness coverage helps your financial needs if you’re diagnosed with one of the illnesses that are covered in the policy. The tax-freeone-time amount helps you pay for treatment including mortgage, rent or any other changes to your home like wheelchair access when you require it. Learn more about the procedure to help you, when you’ll will need it and what must consider when purchasing it.

What illnesses are covered?

Critical illness insurance pays out when you have one of the health conditions or injuries that are listed on the plan. The insurance only pays out one time, and then the policy expires.

The illnesses and conditions covered by insurance policies can differ significantly among the different insurance companies. The most complete policies cover 50 ailments, or more. However, others are much less comprehensive.

Some examples of critical diseases that could be covered could include:

heart attack
Certain types and stages of cancer.
diseases like multiple sclerosis.
major organ transplant
Parkinson’s disease
Alzheimer’s disease
Multiple Sclerosis
Head injury that is traumatic.

The majority of policies will also take into account permanent disabilities that result of an injury or illness.

Certain policies can make the payment less for lesser severe circumstances, for instance when any of your kids is suffering from one of the listed conditions.

However, there are some conditions that are not covered. Some common exclusions are:

Non-invasive cancers that are not invasive
hypertension is an excessively high blood pressure
Broken bones, for example.

The majority of policies will also specify the severity of the condition that is to be in order to qualify for the payout.

When will you require it?

If you’re unable work due to a severe disease, you could think you’ll be able to provide you with a certain amount of income or you’ll be able rely on benefits.

In actuality the majority of employees are moved to Statutory Sick Pay within six months.

State benefits may just not suffice to cover your income if you’re not working anymore.

Take into consideration getting critical illness coverage If:

your family and you are heavily dependent on the income you earn
there isn’t enough money to pay for your needs should you fall seriously ill or disabled
There isn’t an employee benefit package that covers a longer period of absence due to sickness.

It is possible that you don’t need it You don’t need it if:

your savings are sufficient to pay for ongoing costs like rent, mortgage, or bills repayments.
You do not have any financial obligations like a mortgageor dependents
If you share a home with a partner, they will pay for your living expenses as well as any shared obligations like a mortgage
You already have insurance through your employer’s employee benefits program.

What factors affect how much critical illness insurance costs insurance?

The monthly payments (premiums) are subject to a wide range of variations in accordance with the policy as well as your personal circumstances.

For information on how to claim on Aviva critical illness insurance visit

Critical illness insurance covers an array of diseases as well as conditions and scenarios. Therefore, it’s essential to look at the various insurance companies that can provide you.

Cost is influenced by:

Your age
whether you smoke or previously smoked
health – your present health, weight, and your family medical history
Certain professions are more risky than others, which means the cost of insurance higher.
degree of protection.

If you’re deemed to be to be at risk for a specific illness – for instance, due to medical issues, that disease might be excluded from the insurance. In addition, you may be required to pay a higher cost.

The price will also be contingent on whether you choose to pay an unreviewable or a assured premium.

The reviewed premiums are generally examined after a specified period of time, generally once every 5 years. Each time they are reviewed the premiums are likely to rise.

Guaranteed premiums are guaranteed for the duration you own the policy. They can be a bit more expensive in the short run. Many people prefer the peace of mind knowing the exact amount they’ll have to pay in the future.

How much coverage for critical illness do I require?

Insurance for critical illness is usually used in conjunction with other forms of insurance such as the income insurance, or life insurance. It is often paired along with an insurance plan.

The amount of insurance you will require will be contingent on:

work benefits
Take-home pay
mortgage/rent payments
Other insurance products you own.

You can alter the amount of coverage you get based on your requirements and the amount of monthly payments.

What is the best way to purchase Critical Illness Insurance?

This could be a difficult product and there could be lots of stress and heartache if the claim isn’t paid.

The best method to find the information you require is to consult an independent financial advisor or a broker who is specialized. They will guide you through the particulars of the different policies that are available, and help you select the correct one.

They may charge fees in exchange for services or receive a commission from insurance companies.

There are also special insurance companies and brokers for those who have had insurance requests rejected, possibly due to an existing medical condition.

Five things to keep in mind when you are purchasing critical illness insurance

1. Be truthful about your medical background

It is essential to provide your insurance company all the details they request. If you file an insurance claim, the company will verify your medical records. If you did not answer the questions correctly or truthfully in your application, or did not provide information that could be a reason for your claim, it may be denied.

2. Check the small print

Spend time to read and complete the application. You must be aware of what’s covered and not. Be aware that exclusions and definitions (what aren’t included) are different between insurance companies. If you find something that you aren’t sure about you should ask the insurance company or an insurance broker, or financial adviser.

3. Take a look at the possibility of a waiver

If you are willing to pay a little more to include a ‘waiver of the premium’ insurance policy the month-long premiums are paid automatically in the event you cannot longer work because of injuries or illness. This will protect you from your insurance being cancelled if you fail to pay your monthly payments. But, typically, it is only activated after you’ve been sick for a minimum of six months.

4. You are able to alter your mind

There is a period of 30 days after purchasing the policy to change your mind and obtain the full amount back.

5. Are you able to switch to an improved deal?

It’s always worthwhile to look around to find a better price, especially when you’re well-nourished.

You may choose to switch to a different company or remain with the same company and alter the policies. In either case, ensure you are aware of any changes to the policy’s details as well as the conditions that they will cover.

Be aware that you may end up paying a bit more even with a lower rate. This is due to the fact that you’ll be older than when you first bought the policy.