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Critical
illness cover

Combining critical illness cover with life insurance

Critical illness cover

A critical illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but it can also be a standalone plan. It can also work out to be more affordable when it’s bought alongside life insurance or life assurance cover.

This type of plan is designed for individuals or families who want a lump sum if they are diagnosed with a serious illness. The lump sum could then be used to repay a loan, mortgage, or perhaps pay for time off work. It could even be used to pay for any necessary alterations to your home. That said, it’s important to understand that the quality of cover and the illnesses covered can vary significantly between different providers.

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Combining critical illness cover with life insurance

Critical illness insurance usually does not pay out if you pass away, and this is where life assurance protection comes in. It only pays out if you get one of the medical conditions or injuries listed in your policy, such as:

  • Stroke
  • Heart attack
  • Certain types and stages of cancer
  • Conditions such as multiple sclerosis
  • Loss of limbs

Most policies will also consider permanent disabilities as a result of injury or illness, however, generally critical illness protection plans only pay out once and then the policy ends. The monthly payments can depend on various factors, such as your age, the amount of cover you’d like to take out, your current health and your job, but our advisors can help you find the plan that best meets your requirements.

Do I need critical illness cover?

If you think your loved-ones would struggle financially if you were to become seriously ill and could no longer earn a living, then the answer is likely to be yes. Critical illness cover pays out a lump sum that can then be used to pay the mortgage and household bills, whilst giving your family a financial cushion in a time of crisis. Having been providing tailored advice on all types of short-term and long-term protection, Charles Derby Mortgage Bureau has a deep understanding of critical illness cover. We can guide you through the different types of plans, comparing the benefits, costs, allowances, and restrictions of different policies until you agree that we have recommended the one that suits your exacting requirements. For more information on critical illness cover or any other types of protection, please call Charles Derby Mortgage Bureau today on 0330 094 5476 .

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