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Critical Illness Cover
Why should I consider critical illness cover?
If you, or those who depend on you, would face financial difficulties if you became critically ill (for example if you had cancer, a heart attack or a stroke), you may want to consider taking out critical illness cover.
When you're critically ill, the last thing you need is any financial worry like the fear of losing your home because you can't pay your mortgage. Critical illness cover aims to give you peace of mind in these circumstances.
What are critical illness policies?
Critical illness policies usually pay a tax-free lump sum if you are diagnosed with one of the listed critical illnesses and meet the definition set out in the policy.
You should not confuse critical illness cover with other types of health insurance such as:
- Private Medical Insurance which pays for the cost of private medical treatment; or
- Income Protection insurance which pays you a monthly income after you have been unable to work (because of sickness or an accident) for an agreed period. The benefit continues until you are fit to return to work or the policy ends.
What do I need to know about critical illness cover?
Before you decide to take out a policy, your Adviser at Vita Financial will give you information about the policy you are considering. This will give you important details about what the policy covers. This information can help you compare different companies' policies. Your Adviser will be able to answer any questions you have.
Which critical illnesses are covered?
Different insurance providers cover different critical illnesses. Each policy will only cover the conditions set out in the product literature that the insurance provider will give you, and no others. However, all critical illness policies cover cancer, heart attack and stroke.
The Association of British Insurers has published model definitions as a minimum standard for the most common critical illnesses covered. This means that insurance companies will assess claims for all these conditions using the same or more favourable definitions.
