Updated: July 29, 2019

Cheap Critical Illness Cover

Critical illness cover doesn't have to cost the earth. Read our guide to find out how to get the best policy on a budget

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: July 29, 2019

Critical illness cover can provide tremendous peace of mind when you have a mortgage or other significant financial responsibilities, but if you’re already struggling to stay on top of those duties, the prospect of shelling out even more on insurance is never appealing.

The good news is that there are some very reasonable policies available for both critical illness and life insurance cover, and it may not be the hefty expense you’ve been fearing. But ‘cheap’ doesn’t always mean ‘good’ when it comes to insurance, so it’s crucial that you get the right advice.

In this article we’ll look at how to find cheap life insurance and critical illness cover that you can rely on, while answering some of the most common questions about this type of cover, including:

How expensive is critical Illness cover?

As with most types of insurance you can choose different levels of cover when selecting a critical illness policy. Generally speaking, the more you pay, the more illnesses are covered – and the larger the lump sum you could receive in the event of a claim. This could range from £25,000 to an unlimited amount, so there is great variety in the types of policies available.

The premium will also depend on your own state of health, age and other risk factors, and with so many variables involved it’s hard to give an ‘average’ cost. Whatever your budget may be, there should be a critical illness policy within your reach.

Should I go for the cheapest critical insurance quote?

Not necessarily. With so much variation between policies, most experts would recommend going for the most comprehensive policy you can afford, and this may not be the cheapest critical illness cover on the market.

Make an enquiry to talk to a whole-of-market insurance advisors who can help you find the best deal based on your needs, circumstances and budget.

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How do I choose the right cover for me?

The answer to this question will ultimately come down to your personal priorities, as well as details such as your age, health, number of dependents and how much you’re willing and able to spend on a premium. Features you might want in your policy could include:

  • A fixed premium which won’t increase as long as you have the policy in place, so you can budget more easily around it.
  • Critical illness cover for children and/or other dependents: this type of policy could pay out if a dependent becomes seriously ill.

How much should a policy pay out?

Critical Illness policies usually pay out a lump sum rather than an income, and the size of this figure will affect the premium you’ll pay. To work out how much you would need, the key questions to answer are:

  • How much would you need to pay off your mortgage and other significant debts if you were suddenly unable to work for an indefinite period?
  • How much would you need on top of this figure to guarantee a reasonable quality of life while unable to earn an income?

There are several critical illness lump sum calculators available online, and you can use these to get a rough idea of what level of cover you need and how much the premium is likely to cost you. Speaking to an expert is the best way to get accurate, personalised calculations.

How to get a quote for combined cheap life and critical illness cover?

Those with dependents often think they need to prioritise a life policy perhaps at the expense of critical illness cover, as life insurance will protect their children or other relatives in the event of their death, but you could also consider a combined policy.

Many of our customers choose to take out a combined life insurance policy and critical illness cover, because both products serve different but important purposes and it often works out more economical than taking out two separate products. Call us on 0808 189 0463 or make an enquiry if you’d like to discuss this option with an advisor who can help you to get the quotes you need.

Why speak to an expert?

Finding the right critical illness cover can be time consuming and fraught with potential pitfalls, and with so much potentially at stake, many people feel more comfortable working with a professional. When what you’re looking for is peace of mind, it can be extremely helpful to have the support of an experienced advisor.

An independent financial expert can help you navigate the insurance market as well as offering bespoke advice on which policies and features may be the most beneficial, which are worth paying extra for, and which you may be able to go without. They will also have access to the entire market, including products and special deals that aren’t available direct to the public.

An expert can help you get a cheap critical illness cover quote!

If you have any further questions about cheap critical illness insurance and would like to speak to an expert, please don’t hesitate to call us on 0808 189 0463 or make an enquiry and we’ll be in touch shortly for an initial chat about your needs and requirements.

The independent advisors we work with are highly experienced in helping customers to resolve the trade-off between maximum peace of mind and affordability. They also have all the latest information on new products coming on to the market, so you won’t need to worry about missing out on the most suitable policies for you.

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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