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Home » Personal » Financial Planning » Protection » Critical illness cover

Ask yourself this – would you and your family be able to cope financially if you became ill? Critical illness cover is an insurance policy that pays out a lump sum if you’re diagnosed with a medical condition. You can use the money however you see fit, but it’s designed to financially support you and your loved ones during your diagnosis so that you don’t have to worry about bills or other financial obligations, allowing you to focus fully on your treatment.

The money you receive is usually tax-free. The list of medical conditions that are covered in a critical illness policy varies between insurers, but we’ll discuss your options with you to ensure we understand your needs and situation.

The Alan Boswell Group Difference

We aim to build long-term relationships between our clients and our independent financial advisers. We’ll take time to understand your needs, search the market, tailor a plan that suits you and find the best premium.

We aim to build long-term relationships between our clients and our independent financial advisers. We’ll take time to understand your needs, search the market and tailor a plan that suits you at a price you can afford.

Critical illness cover in detail

Critical illness cover can be a standalone policy or taken out alongside life insurance.

The length of your critical illness policy can vary, depending on your circumstance. For example, you may choose to make it match the length of your mortgage, as this can often be the financial commitment that people are most concerned about. If your mortgage payments are on your mind when taking out a critical illness policy, depending on the type of mortgage you can choose to have something called ‘decreasing cover’ – that means the money you would receive as a lump sum decreases the longer the policy lasts. Alternatively the cover can remain level throughout the term.

Key points

  • Lump sum payment on diagnosis of qualifying medical condition
  • Choose from level or decreasing cover
  • You decide how to spend your lump sum
    • Replacing or topping up a salary
    • Paying off your mortgage
    • Additional help at home following your diagnosis
  • Standard policy inclusions:
    • The conditions covered vary from amongst providers, but usually include cancer, heart attack and stroke
  • Available as a standalone policy or combined with life insurance

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