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What is Critical Illness Insurance?

We rarely think that we will suffer from a critical illness, in-fact we much prefer to live in the knowledge that it's only going to happen to somebody else. Unfortunately the statistics prove otherwise:

Critical Illness Insurance provides a tax free, cash lump sum if you are diagnosed with one of a number of life threatening conditions that are covered within your policy during the policy's term. The conditions/ illnesses that are covered will vary between policies and therefore you should ensure that you understand exactly what you are covered for within your specific policy.

The conditions that are covered are extensive and include, but are not exclusive to; stroke, permanent and total disability, blindness, multiple sclerosis, cancer and heart-attack (not all types of cancer, strokes and heart-attack are covered so please ensure that you understand what is included within your policy).

Why should you buy Critical Illness Insurance?

If you suffer from one of the critical illnesses covered by your policy, then it is likely to mean that your lifestyle and that of your family will be subject to change; maybe temporarily or perhaps permanently. If you are an income earner then it is almost certainly going to affect your earnings. What's more it could also have an impact on the income of your family as there may be a long period of convalescence during which time they may need to give up work in order to care for you. The cash received from a Critical Illness policy can relieve a lot of these pressures at a time when you and your family need to focus on your recovery.

Like anything in life, you get what you pay for and Critical Illness Insurance is no different. The cheapest plans are likely to cover fewer conditions and have more exclusions. The good news is that we do all the shopping around for you and we will provide you with all of the information that you need.

If you are single without dependants, Critical Illness Insurance is probably more important than Life Insurance. This is because it pays out if you become ill; unlike Life Insurance, which only benefits your estate.

The likelihood of you suffering from a critical illness is quite high (as you can see from the statistics above) and therefore the likelihood of the insurance company having to pay out is also fairly high. As a result of this, the cost is more than it would be for Life Insurance taken out at the same age. It is also true that the cost of Critical Illness Insurance increases quite rapidly with age, so it makes sense to take the cover out when you are younger, if you want to keep the cost down. Of course, if you are a smoker, if you already have a medical condition, if you have a history of illness or even if somebody in your immediate family has suffered from a Critical Illness, then the cost may be higher than if you have a clean bill of health.

What is the process?

You can make an enquiry for Critical Illness Cover through our simple, online form. Insurio will then pass your information over to an broker partner within your area, who will contact you to discuss your quote and provide further advice should you wish to proceed. It is extremely important that you understand the conditions that are covered through your prospective Critical Illness Insurance cover, because there are variations in the number of conditions that each company covers.

If you do decide to proceed, your information will be sent securely to your chosen insurance company, who will assess your application. This is called underwriting.

It is vital that you disclose all of the relevant information about your medical history on the enquiry form, so that the insurance company can make an accurate assessment and apply the right premium for you. Getting a quote may take a little longer if you have or have had a medical condition, but our partners will help you with the details and minimise any potential inconvenience.

Once you have had a decision from the insurance company you will then get the chance to review your prospective policy in order to make sure that you have chosen the correct amount of cover over the right term. Finally you can decide whether or not you would like to go ahead. This means that there is no pressure for you to make a snap decision.