What is Terminal Illness Insurance?

What is Terminal Illness Insurance?

Most life insurance policies (commonly used to protect people’s mortgages or families) include a benefit known as terminal illness cover. This means that the policy will pay out the sum assured should the policyholder be diagnosed with a terminal illness as defined by the insurance company.

Insurers define a terminal illness diagnosis as being told by a medical professional that you have a life expectancy of less than 12 months.

Watch Out for the Small Print

As expert advisers, one of our roles is to differentiate between one insurer’s product and another. Upon carrying out research around the terminal illness benefit, we found out the importance of reading the small print.

We work with insurers who offer life cover with a terminal illness benefit. Many will payout if the diagnosis is made at any stage during the policy (even if it was in the last week of the policy’s term). However, there is an insurer that will not pay a terminal illness claim if diagnosed in the last 12 months of the policy’s term.

Does your policy include terminal illness Insurance?

Firstly, check your policy documents to understand the terms and conditions for your policy. If you are unclear, it may well be worth calling us for clarification.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

[fp-modal]

Please feel free to read our Independent client reviews, or read about the team at Future Proof

Jon’s moving story – being diagnosed with cancer

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.

"*" indicates required fields

Fill in the form & we'll get back to you