Critical Illness Insurance – What is it and why is it needed?

What is Critical Illness Cover?

What is covered?

How much cover do I need?

DISCLOSURE DOCUMENT

Is Critical Illness Cover Cheap?

What is a Guaranteed and Reviewable policy?

Critical Illness / Terminal Illness - What is the difference?

Combining Critical Illness policies

Covering the Children

Claiming

Applying for your insurance

Directory
Car Insurance
Home Insurance
Credit Cards
Life Insurance
Loans
Medical Insurance
Pet Insurance
Miscellaneous
General Finance

Critical Illness insurance pays out a tax free lump sum if you are diagnosed with a serious illness. The insurance company provides an extensive list of illnesses which it defines as “critical illnesses” within the booklet you get with your application form. For example, these illnesses normally include deafness and blindness as well as named cancers and many other serious illnesses.

The point is that with a “Critical Illness” you may well survive for very many years, years when your earning power may well be nil or severely restricted. Unless you can find a way of coping with a big drop in income potentially coupled with a big increase in cost of living, then the financial effects on you and your family could be financially disastrous.

To get some idea of what this means: 35% of men and 46% of women who develop cancer survive at least 5 years, and 78% of stroke victims survive at least a year. Could you cope with the financial effects of such illness if that were you?

The way to insure yourself against such a possibility is Critical Illness insurance.

Frequency of heart attack, cancer and stroke in the UK population:

MEN: Current Age	Heart Attack	Cancer	Stroke
25	1 in 7	1 in 11	1 in 26
35	1 in 7	1 in 12	1 in 27
45	1 in 7	1 in 12	1 in 29

WOMEN: Current Age	Heart Attack	Cancer	Stroke
25	1 in 20	1 in 9	1 in 33
35	1 in 21	1 in 10	1 in 35
45	1 in 21	1 in 11	1 in 36

UK Critical Illness Insurance from MyLifeIsCritical.co.uk