Critical Illness Cover Explained - Protected

It might not be able to stop you being critically injured or prevent you from being struck down with serious illness, but adding critical illness cover to your life insurance policy will ensure that you're financially provided for if the worst does ever happen.

If you do decide to take out critical illness cover, a tax-free lump sum will be paid out in the event that you're diagnosed with one of a number of serious conditions or are left permanently disabled because of injury or illness. These conditions will include strokes, cancer, multiple sclerosis, heart attacks, coronary artery bypasses, major organ transplants and kidney failure.

You'll pay a monthly fee to the provider of your critical illness cover and the cost of this can range enormously, starting at just a couple of pounds a month. Exactly how much you'll have to pay will depend on a whole range of factors including your age, your health and your lifestyle.

If, for example, you're aged fifty and drink and smoke heavily, you'll have to pay more for your critical illness cover than a 21-year-old who's never touched a cigarette and only drinks a glass of wine or two at weekends.

You might have to have a medical in order to begin your cover, but this is nothing to worry about and isn't at all intrusive or intimidating. A nurse will come to visit you at a time that's convenient for you and they'll ask a few questions and carry out a few simple painless procedures such as taking your blood pressure and weighing you. If it's easier for you, they can even visit you at work on your lunch break or in the evening when the kids are in bed.

Not everybody has to have a medical, however, and the majority of people simply have to fill in a few forms asking them about their medical history. You will also be asked about your family's medical history as the critical illness provider will want to gauge whether you're more likely than normal to be diagnosed with a serious condition like cancer or heart disease.

Things like having immediate family who have suffered from such conditions is likely to affect the price of your cover, as is the length of time that you want the policy to run for and the size of the payout you require.

You don't always have to set a specific amount of time that you want your critical illness cover to run for and, if you like, you can just set it up to run for the rest of your life. Alternatively, you can get it to run for the same amount of time as your mortgage, until you retire or any other specified length of time.

Having critical illness cover isn't like having a phone contract or a membership to your local gym, and you can cancel it any time you like without being charged.

If you are unlucky enough to find yourself struck down with a serious illness, the lump sum that is likely to be paid out to you usually ranges from £100,000 up to £250,000. This, of course, depends on how much you decide you'd like when you begin your cover. It's worth bearing in mind, though, that the bigger your payout, the more you'll have to pay each month.

The main thing to remember about critical illness cover is that it there's to provide peace of mind and security, two enormously important things in life. Nobody knows what's going to happen in five, ten or even fifty years, so it's definitely worth protecting yourself against the worst.

To ensure the security of yourself and your family, simply take out a life insurance policy today with Protected.co.uk and include it in the deal. For just a few pounds a month you can make sure that your financial future is secured and your family are provided for if the worst should ever happen.

Back to Critical Illness Cover »