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What is Critical Illness Cover?
A critical illness policy can provide you with a cash pay out if you’re diagnosed with a critical illness. You can use it to cover childcare costs, pay your bills, or maintain your usual lifestyle if you have to take time off work to recover.
Enhance your security with Monefi. Opt for the added protection of our Life Insurance or Decreasing Life Insurance plans with this cover for a nominal cost. A wise choice for those unforeseen health hurdles.
Who needs Critical Illness Cover?
Critical illnesses don’t discriminate by age or circumstance; they can disrupt anyone’s life at any time. When faced with the inability to work due to a critical illness, the financial strain can be overwhelming. Some people dip into their hard-earned savings to bridge the gap left by the loss of income.
Speak to our insurance experts today and discuss the right protection for you.
How much Critical Illness Cover do I need?
The cost and coverage of Critical Illness plans can vary based on your preferences. Generally it depends on factors like what you want to protect, your monthly budget, and the duration of coverage. Our unique offering separates Critical Illness Cover from life insurance, giving you the flexibility to tailor your plan. Our offerings are tailored to your needs and budget, making sure you can get the protection you need without straining your finances.
The specifics of your coverage can be influenced by various other factors, including:
Any outstanding debts that you may have, such as loans or credit card balances.
2. Other Insurance Products:
Your existing insurance policies can also impact the coverage provided.
3. Work Benefits:
Any benefits your workplace offers in the event of illness or disability shall also be evaluated.
4. Take-Home Pay:
Usual monthly income after taxes and deductions is one of the factors that can affect the cover.
5. Mortgage/Rent Payments:
Your monthly housing expenses can also have a significant impact when assessing your insurance needs.
Your dependents’ financial needs are also considered in case you can’t provide for them due to illness.
What does Critical Illness Insurance Cover?
Critical Illness Cover is not a one-size-fits-all deal. It can vary significantly from one insurance company to another. Some policies are like comprehensive encyclopaedias, covering over 50 different critical conditions, while others are more like concise pamphlets, with limited coverage.
Here’s a glimpse of what you might find in a Critical Illness Cover policy:
- Heart attack
- Specific types and stages of cancer
- Conditions like multiple sclerosis
- Major organ transplant
- Parkinson’s disease
- Alzheimer’s disease
- Traumatic head injury
Many policies also take into account permanent disabilities resulting from an illness or injury.
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Frequently Asked Questions.
Can’t find what you’re looking for?
Certainly, it’s worth noting that Critical Illness Cover doesn’t always have to be bundled with other insurance. You have the option to purchase it as standalone coverage, without any strings attached to life insurance or other policies.
In order to qualify for Critical Illness Cover, certain eligibility criteria apply:
- UK Residency: You must be a resident of the United Kingdom.
- Age: You should be between 18 and 67 years of age to initiate the policy.
- Policy Term: The policy’s duration must span a minimum of two years, and it should conclude before you reach the age of 75.
Note: The maximum allowable policy duration is capped at 50 years. These eligibility criteria ensure that you have a window of opportunity to secure this valuable coverage, tailored to your specific circumstances and needs.
Securing Critical Illness Cover can indeed pose challenges if you have a pre-existing medical condition. Insurers often view individuals with pre-existing conditions as higher risks for critical illnesses related to those conditions. In some cases, you may still be able to obtain Critical Illness Cover, albeit with certain exclusions.
It’s essential to work closely with insurers or seek the guidance of insurance professionals who can help you navigate this complex landscape, ensuring you find a suitable policy that aligns with your unique circumstances and provides the necessary financial protection.