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What illnesses are covered by a critical illness policy?

All critical illness policies vary slightly in what they cover, so it's important that you read the conditions of your particular policy very carefully. All policies will cover strokes, heart attacks and cancer and are also likely to pay out in the event of multiple sclerosis, kidney failure, a major organ transplant or coronary artery bypass surgery. Other conditions such as blindness, motor neurone disease, Parkinson's and paralysis should also normally be covered.

What's not covered?

In the same way, each policy is different and so some providers will pay out for certain illnesses that others won't. It's fairly standard, however, that Aids and HIV aren't covered. Neither are illnesses caused by drug misuse or criminal activity, and you won't receive any payout if the illness or injury is self-inflicted.

How much will critical illness cover cost me?

You'll pay a monthly premium for your critical illness cover but how much it'll be really does depend on a number of circumstances. Things like the length of the cover and the size of any payout will have a big effect on the cost, as will your age and your family's medical history. Your own medical history will also play a part and you could find you'll have to pay more if you smoke or drink heavily.

Can I make a claim as soon as I've taken out critical illness cover?

Most policies include a clause that states you're unable to make a claim until the policy has been active for three months.

How much money will I receive if I'm diagnosed with one of the covered illnesses?

The size of your payout will depend on how much you specify you'd like when you apply for your critical illness cover. Payments usually vary in size from £100,000 to £250,000, but this is by no means set in stone and you should be able to request more or less during your application process. Remember, the lump sum will be tax-free so you'll get every penny of the payout. Also remember that the size of the payout will have an effect on how much you'll be paying each month for your critical illness cover.

Can I use my payout for anything I like?

Yes, the money will be yours to spend as you like. Some people use it to pay off a mortgage or clear some outstanding debts, while others use it to live off or even choose to leave it to their loved ones. Discovering you've got a serious illness is bad enough without having to worry about how you'll get by financially; that's where critical illness cover can be so important.

What's the best way to get cheap critical illness cover?

Being young and in good health can help to bring down the price of your critical illness cover, but the best way to get a cheap deal is to apply for your policy through Protected.co.uk. We'll search and compare hundreds of different options in order to find the cover that's just right for you.

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