Critical Illness Insurance pays out a tax-free sum if you become seriously unwell.
The benefit you receive helps safeguard you and your family against the financial impact of becoming critically ill. A Critical Illness Insurance payout could be used to repay the mortgage, settle debts and bills, or be put in the bank until, fingers crossed, you’re better and are able to return to work. Whatever its purpose, Critical Illness Insurance cover provides peace of mind.
“What will I be covered for?”
All Critical Illness Insurance policies cover three core conditions: cancer, heart attacks and strokes. Critical Illness policies vary from insurer to insurer, and their list of conditions and definitions of illnesses also differ.
More comprehensive plans will also cover prostate cancer, angioplasty, lower grades of breast cancer, loss of hearing and sight, total permanent disability, specific types of cancer and heart attack, Alzheimer’s disease and Motor neurone disease.
We can advise you on the most comprehensive policy’s available.
“Is the cheapest cover the best cover?”
Probably not! As the saying goes “you get what you pay for”. There can be vast differences between insurers’ policy terms (small print), so it pays to take some expert advice. Our experienced team are happy to explain which policies offer the most comprehensive Critical Illness Insurance cover at the most competitive prices. Call us for free on 0800 644 4468.
“I’ve heard that Critical Illness policies rarely pay out.”
Whilst it is true that some insurers’ claims records were not great, over the last few years the percentage of claims paid has been improving. Here are some facts the Association of British Insurers (ABI):
- According to the ABI, 92.2% of Critical Illness claims were paid in 2017.
- Over 15,962 Critical Illness claims were paid in 2017 (ABI).
- The average Critical Illness payment was £73,085 in 2017 (ABI).
- More than £1.17 billion was paid in Critical Illness payments in 2017 (ABI).
The levels and bases of taxation and reliefs from taxation can change at any time. Tax relief is dependent on individual circumstances.