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What is Critical Illness Cover?

Critical illness cover (CIC) , also known as critical illness insurance, provides a lump sum payment if you are diagnosed with a specified life-changing illness or condition. A serious diagnosis can have significant effects on both your work and personal life. In such situations, the financial burden of dealing with the illness and its aftermath can be overwhelming. Critical illness cover is designed to offer financial support during these challenging times, helping to alleviate the financial strain that can arise from medical expenses, lifestyle changes, and loss of income. This type of insurance aims to provide you and your loved ones with some financial security and peace of mind during a difficult period of dealing with a critical illness.

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Inclusions

The specific illnesses and conditions covered by critical illness insurance can vary between insurers. Therefore, it is crucial to consult with a protection adviser before purchasing a policy to understand the coverage details. Typically, for the policy to pay out, you will need to be diagnosed with a specified illness or condition to a certain severity level as outlined in the terms of the insurance. By seeking guidance from a protection adviser, you can ensure that you have a clear understanding of the coverage provided by the policy and make an informed decision that meets your individual needs and circumstances.

What's covered and what's not covered

What is covered

Heart attacks, Cancers, Strokes, Multiple Sclerosis (MS) and Parkinson's.

What isn't covered

Each insurer is different but the conditions that are typically excluded are: Pre-existing conditions,
Hereditary Illnesses, Diagnosis of a terminal illness, An illness arising within the first 14 days of taking out the policy Some types of cancers.

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How much is Critical Illness Cover?

Factors that affect the cost of your life insurance policy include

Age

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Health

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Smoker Status

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Policy Duration

How long you want the cover to last

Payout Total

How much you want your policy to pay out

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How much critical illness cover do I need?

Having some level of critical illness cover, even if it is a small amount, is better than having no coverage at all, especially if you have concerns about the potential impact of a serious illness in the future. One way to estimate the appropriate level of coverage is to multiply your annual income by three. This calculation is based on the assumption that you may need financial support for up to three years if you are unable to work due to a critical illness. The aim is to ensure that the coverage amount is sufficient to cover your essential expenses such as mortgage or rent payments and other bills during your recovery period, providing you with some financial stability in a challenging situation.

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Can you get Critical Illness with an existing health condition?

Securing critical illness cover can be challenging if you have a pre-existing condition, as insurers may view you as a higher risk for developing a critical illness related to that condition. However, there are options available to potentially obtain coverage under certain circumstances. One possibility is to obtain critical illness cover with an added exclusion, which allows you to claim and receive a payout for an illness unrelated to your pre-existing condition. Another option may involve obtaining cover but paying a higher premium to account for the increased risk associated with your condition.
It's important to note that each insurer has their own set of rules and policies, and there is no one-size-fits-all solution. While it may require more effort, it is possible to find the coverage you need, despite having a pre-existing condition. Understanding how pre-existing conditions can impact the process of obtaining critical illness cover is essential in navigating the complexities of securing the right policy for your individual circumstances.

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