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Critical Illiness
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Critical Illness Cover does not have a cash-in value at any time.
Critical Illness can help protect you and your family from financial hardship, in the event that you are diagnosed with a critical illness. The critical illnesses covered will vary between insurers so it is imperative that you read carefully and fully understand the terms and conditions of any Critical Illness policy you are considering taking out.
Our experienced Blue Pebble advisers can help you determine which of the policies available from a selection of specialist insurers, best suits your needs.
Critical Illness Explained
- Critical Illness Only Policies
- Death OR Earlier Critical Illness
- Death AND Critical Illness
- Life Insurance and Critical Illness
- Critical Illness FAQs
1. Critical Illness Only Policies
Critical Illness pays out a lump sum in the event that you are diagnosed with one of a number of specified critical conditions. The critical illnesses covered will vary between insurers so it is imperative that you read carefully and fully understand the terms and conditions of any Critial Illness policy you are considering taking out.
Our experience Blue Pebble advisers can help you determione which of the policies available from a selection of specialist insurers, best suits your needs.
Critical Illness Only Policies are often referred to as ‘Stand Alone’ policies.
2. Death OR Earlier Critical Illness
Critical Illness policies usually pay upon diagnosis of a critical illness. With the Death or Earlier Critical Illness option, the policy will pay on either death or critical illness (whichever occurs first), but not both.
3. Death AND Critical Illness
This type of policy will pay out on both Critical Illness and Death. It is important to note that once a claim has been made against the Critical Illness part of the policy, no further claims for critical illness can be made. In other words, subsequent critical illnesses developed will not be eligible for further payments and additional payments will only be made on death.
4. Life Insurance and Critical Illness
Critical Illness cover can be included in Life Insurance policies at an additional cost. It is often more economical to obtain a dual insurance policy than a stand alone critical illness policy. For additional information on Life Insurance please click here or contact us to speak to one of our specialist insurance advisers.
5. Critical Illness FAQs
Q. What happens if I am diagnosed with a critical illness?
A. In the event that you develop a ‘qualifying’ critical illness, the policy provider will pay the sum assured specified at the commencement of the policy. This payment is usually made in the form of lump sum, and is not subject to tax at the time of payment. There are no restrictions placed on how this money is spent and if you make a full recovery, you are entitled to retain the money paid out to you.
Q. I already have a medical condition, will I be accepted for a Critical Illness policy?
A. If you are already aware of a pre-existing medical condition, this must be declared upon application for a Critical Illness policy. The severity of the condition may effect the premiums payable and the stated condition may be excluded from the list of qualifying critical illnesses.
Q. Will the policy pay out in the event of death?
A. Critical Illness policies generally pay out on diagnosis of a critical illness and not on death. This is dependant on the type of policy you choose. Please contact us for further details.
Q. What is meant by the term ‘survival period’?
A. Critical illness policies will often specifiy that the policy holder must survive for a specified period of time from the date of diagnosis. Typically, the survivial period is between 14 days and 3 months.
Q. What is Waiver of Premium?
A. If you are unable to work due to illness, this option will ensure that your policy premiums are ‘waived’ (paid on your behalf) for and/or after a specified period.
Q. Are my children covered by my policy?
A. Some policies will pay a lump sum in the event that your child is diagnosed with a critical illness. If this is an option that you require, you will need to ensure that this is offered by the insurance provider.
Q. Will I still be covered if I develop a ‘Permanent Total Disability’?
A. If Permanent Total Disability is included as an option in the policy you choose, then you may be able to make a claim if an accident of illness renders you unable to work. The definition of ‘Permanent Total Disability’ will vary between insurers. It is sometimes described as ‘being unable to perform any job’ whilst other insurers will describe it as ‘being unable to continue in your previous occupation’.