Updated: July 29, 2019

What is the Best Critical Illness Cover Available in the UK?

Finding the best critical illness cover policy for you is easy with the right advice. Read through our guide to find out where to turn for it

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: July 29, 2019

When our car insurance renewal arrives it’s normal practise to have a good look around the market to ensure our existing cover represents value for money. For some of us that might mean cheapest is best but for others the level, and type, of cover provided is most important.

The same principle applies to other forms of insurance including our family protection needs.

This article looks at what the best critical illness insurance policies should look like and how to compare the best critical illness cover available across the UK.

Once you’ve read through the details below, if you’d like to speak to an expert about which critical illness cover is best for your circumstances, make an enquiry and we can arrange for an advisor we work with to get in touch.

How to compare critical illness policies

Before you settle on a policy, it’s advisable to compare different critical illness covers across the market to ensure that you get the best policy possible. It should also be emphasised, as with car insurance, that the cheapest premium will not necessarily represent value for money in terms of the level of cover it provides.

The key factors to take into consideration are:

  • What illnesses are covered by the policy?
  • What type and level of cover do you require?

Which illnesses are covered by the policy?

When looking at a comparison of critical illness insurance policies, the biggest factor by far is the variety of serious illnesses and conditions covered.

It’s worth remembering the main purpose of this type of cover is to provide financial assistance in the event of a diagnosis of a critical illness or serious disability. Policies that offer a wider range of conditions than others will naturally provide greater peace of mind.

Most providers will look to cover common illnesses such as heart attacksstrokes and cancer however not every severity of these conditions are covered. For example, some providers may exclude non-invasive cancer diagnoses as the odds of completing a full recovery are generally very high.

Attempting to review the coverage of every type of policy can be an arduous task on your own. The advisors we work with have an in-depth understanding of critical illness insurance and will be able to help you with a comparison of all the policies available.

If you make an enquiry we can arrange for an expert to get in touch to provide you with a whole-of-market comparison of critical illness cover deals.

What type and level of cover do you require?

There are a number of different types of critical illness cover available in the UK which makes trying to compare them quite difficult as not all of them will suit the exact requirements you’re looking for.

As an example, if you’re looking for a policy to cover only your mortgage debt then different policies will cater for this better than others. For repayment mortgages, where the debt reduces during the loan term, a decreasing term critical illness plan would be the most appropriate, as the cover decreases in line with the mortgage.

If you have an interest only mortgage, where the debt remains constant, then a level term assurance plan would be a better solution.

Another question to ask yourself would be whether you want a standalone critical illness plan alongside life insurance or a policy that combines the two? Standalone policies would be more expensive but would cover both risks whereas a combined policy would only pay out upon either death or diagnosis of a qualifying illness.

In short, there is no all-encompassing insurance plan that covers every individual need under all circumstances, therefore, the answer to ‘what does a good critical illness plan look like?’ is the one that provides the right solution for the need you are seeking to cover.

To help you find the right answer for your own specific requirements, get in touch and we will ask an advisor to carry out a critical illness cover comparison for you.

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Which providers offer the best critical illness insurance?

The best critical illness cover providers maintain the most comprehensive range of cover aligned with competitively priced premiums offering the best overall value for money.

The good news is there are lots of great insurers who fit this description. So, how do you find them? One way would be to search on various websites and look for critical illness cover comparison tables which illustrate who is offering the most favourable premium rates for the level of cover you need, though keep in mind that this demands a lot of legwork, and without specialist advice you could miss out on the right deal.

Why critical illness cover comparison charts don’t tell the whole story

Whilst researching the market yourself can be a worthwhile exercise, a critical illness cover comparison chart  will usually focus on how cheap the premium is rather than show what type of illnesses and conditions each insurance policy caters for.

If you’re looking for a critical illness insurance policy and want to ensure it covers certain illnesses and conditions, rather than a comparison table, using the services of an independent advisor would be the ideal course of action.

An independent advisor, such as the ones we work with, would already know who has the best critical illness insurance plans for the type and level of cover you require. They actually have sophisticated systems, only available to professional advisors, that do the comparisons. It would be almost impossible to carry out a market search as thorough as this by yourself.

They would also be able to outline for you the coverage of each policy including what conditions are and are not covered.

To help you find the best critical illness insurance company that can meet your specific requirements make an enquiry and we will arrange for an expert to get in touch and carry out a whole-of-market comparison.

How an insurance expert can help you find the best critical illness cover deals

If you’re interested in critical illness insurance and would like to speak with an expert in order to find the best insurance policy and provider for your needs, call Online Money Advisor today on 0808 189 0463 or make an enquiry online.

The advisors we work with are whole-of-market and they would be more than happy to carry out a critical illness cover comparison for you. An initial consultation with them won’t cost you a penny and there’s no obligation to act on the advice they offer.

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in critical illness cover. Ask us a question and we'll get the best expert to help.

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Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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