Critical Illness Insurance

CRITICAL ILLNESS INSURANCE

This is the time of your life when you may have significant personal and financial responsibilities. We all hope to enjoy great health through life, but 1 in 3 of us will have a serious health problem well before retirement.

Why Consider Critical Illness Insurance:

You may be shocked to learn that the average age for open heart surgery is just 35! (source: Zurich Insurance).

One in two of us will get cancer during our lives, and the next biggest areas of claims are heart conditions, stroke and multiple sclerosis. Thankfully, modern treatment means that these are survivable illnesses.

But could you manage without income for months?
How well would you recover with financial worries?
Would a lump sum cash payment help?

Choosing the Right Critical Illness Insurance:

Selecting the most fitting critical illness insurance plan is a personal decision that should align with your unique needs. Here’s how to ensure your choice matches your life stage:

Assess Your Specific Needs: Consider your current health, lifestyle, and potential risks that align with middle adulthood.
Compare Policy Options: Explore the range of critical illness insurance policies available to understand the coverage each offers.
Understand Terms and Conditions: Delve into the terms and conditions of each policy, ensuring they align with your stage in life.

Managing Critical Illness Insurance:

Unlike life insurance which is mainly a cost driven decision, choosing the most appropriate critical illness policy is more complex.

Critical illness cover most commonly pays you out a lump sum provided you survive 28 days from being diagnosed with a critical illness. Critical Illness Insurance is more than just a safety net; it’s a lifeline, a source of reassurance in uncertain times. It can pay your bills while you recover, pay off your debts, and even allow you to choose private treatment and avoid NHS waiting lists.

However not all policies are equal. There can be a big difference in the range of conditions covered, and exactly you can claim for can differ between providers. These factors make critical illness insurance a difficult product to buy online.

Good independent financial advice is essential.

Not only have we helped our clients set up cover, but we have also helped when it came to a claim giving our clients support and assistance during the most challenging times.

Frequently asked questions

What counts as a "critical illness" under these policies?

Each insurer sets out a defined list of conditions it covers, commonly including cancer, heart attack, stroke and multiple sclerosis, along with the specific severity or diagnosis criteria that must be met. This list — and how strictly it's applied — varies significantly between providers.

How much could I receive, and how quickly would it be paid?

You choose the lump sum amount when you take out the policy, based on what you'd need to cover debts, adapt your home, or replace income during treatment and recovery. Payment typically follows a defined survival period after diagnosis, often around 28 days, rather than being immediate.

Why do critical illness policies vary so much between providers?

Insurers differ in which conditions they cover, how they define severity, and how they've historically handled claims — two policies that look similar on price can have very different real-world outcomes. This is exactly the kind of detail that's easy to miss without expert comparison.

Can I just buy critical illness cover through a comparison website instead of using an adviser?

You can, but comparison sites typically rank policies on price rather than the quality or breadth of cover, which is where the real differences lie. Advice helps make sure you're comparing genuinely equivalent policies, not just the cheapest headline premium.

Should I combine critical illness cover with life insurance?

Many people do, often through a single combined policy, since the two protect against different outcomes — a serious diagnosis versus death — that can both have a major financial impact on a family. Whether it makes sense for you depends on your existing cover and circumstances.

This is general information and does not constitute personalised financial advice. Individual circumstances vary, and product and tax rules can change. Apex CB Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority (FCA No. 507964).

Get In Touch With Us

If you like what you have seen on our website, the next step is to get in touch, we offer a free initial discussion with no obligation. You can do this face to face, by phone, or on Skype.

It would really help if you could tell us your reason for getting in touch.

Please rest assured that we take your privacy very seriously: We will never share or sell your personal details to anyone without your permission. We are an IFA in Poole.