Critical Illness Cover
Critical illness cover also known as serious illness cover, is an insurance policy that keeps you and your loved ones financially secure if you find yourself unable to work due to a serious illness. This cover can also include a pay-out for those who may end up permanently paralysed as a result of an accident or injury.
Nobody hopes to use their critical/serious illness cover; however, your health and wellbeing is not something you can always guarantee. To help you during a sudden health emergency, serious illness cover can eliminate the worry or burden of financial problems. Many people confuse critical illness cover and life insurance cover, assuming they are covered with life insurance. When it comes to an unexpected health emergency, the costs of treating this are usually higher than any standard plan will cover. Life insurance pays out if the policy holder dies within the duration of the policy, serious illness cover pays out if you need time off from work due to an illness or injury.
Do I need critical illness cover?
We always recommend our customers taking out a critical/serious illness cover policy, which can be done on your own, however we often find many of our customers come to us having signed up to a policy online and are not fully aware what they are covered for. You may find numerous policies online but unless you have done your research you may not know what to look out for or request in your policy. Critical/serious illness differs from a life insurance policy and should be added on, rather than assuming you are covered with your life insurance policy. Remember your life insurance policy only pays out if the policy holder dies, not if they are unwell.
How does critical illness cover work?
Critical/serious illness cover works by paying customers a tax-free lump sum that can be used however needed during an illness or sudden health emergency. If you cannot work and must go through treatment, serious illness cover can help with health-related costs, private medical care, an income whilst you are recovering, monthly expenses or anything else you may require it for.
What illnesses are covered in a critical illness policy?
We have outlined below a few of the illnesses a critical/serious illness will cover, with more included. It is important you know exactly what you are covered for with your policy and feel reassured that you are protected.
• A heart attack of specified severity
• Will you need a valuer’s opinion? Lenders consider resale ability and if your build would resell.
• A permanent disability
• Coronary artery By-pass surgery
• Kidney failure
• Aplastic Anaemia
• Heart valve surgery
• Loss of speech
• Major Cancer
• Organ Failure
• Parkinson’s disease
• Alzheimer’s disease
• Multiple Sclerosis
• Major Burns
• Major organ/bone marrow transplantation
• Alzheimer’s disease/ Severe Dementia
• Muscular Dystrophy
• Motor Neurone Disease
• Benign Brain Tumour
• Bacterial Meningitis
• Major head trauma
• Fulminant Hepatitis
• HIV Due to Blood Transfusion and Occupationally Acquired HIV
• Terminal illness
What does a critical illness policy cover?
With a critical/serious illness policy, the money can be used for a wide variety of things, especially during a difficult time.
• Paying towards critical medical services and treatments.
• Paying towards private healthcare if you choose to go private.
• To cover daily living expenses to relieve the financial burden whilst you are focusing on getting better.
• Any transportation expenses like retrofitting vehicles to carry wheelchairs or scooters and installing lifts into homes for critically ill patients who can no longer use stairs.
• For terminally ill patients, cover can be used to provide a vacation with friends or family or a safe place to rest and recuperate.
How do I get critical illness cover?
Get in touch with us here at Mortgage Solutions Belfast. We are experts when it comes to insurance and want to make sure our customers are getting the best advice out there, which is why we don’t charge for our advice. As we are part of the wider network, we can ensure you are getting the best rates, making us competitive in price. We want to make sure you have a policy that will fully protect you and your family in the event of an illness or accident.