Combined or Additional Critical Illness Cover
If the worst should happen and you are diagnosed with a critical illness, it can be a relief to know that your financial responsibilities are taken care of.
No one wants to think about the possibility of falling so ill that they are no longer able to work but preparing for such events can be beneficial for both you and your loved ones.
The problem is, how do you know for certain that the policy you have taken out will cover you for specific illness?
To ensure you take out an additional critical illness policy that covers you for all eventualities, we’ve created this simple guide including:
- What is additional critical illness cover?
- How does additional critical illness cover work?
- What additional critical illness cover should I buy?
- How much should I pay for additional critical illness cover?
- Top tips to ensure your separate critical illness insurance will cover you
- Do I need separate critical illness cover?
- Talk to an expert about additional or combined critical illness cover
What is additional critical illness cover?
Every year, thousands of people have their critical insurance claim rejected as their policy simply does not offer. This has led many to purchase additional or combined critical illness cover.
But what is additional critical illness cover, and is it just a fancy name for extra insurance?
Essentially yes, purchasing additional cover can mean paying out for a separate insurance product. For example, critical illness insurance is often bought with life insurance.
This isn’t always the case and some insurance providers offer ‘add-ons’ for their customers who are buying critical illness cover.
This provides many people with the assurance that their combined critical illness insurance will pay out for various circumstances and scenarios.
How does additional critical illness cover work?
An insurance company’s critical illness cover might state that they will pay out a lump sum if you get a serious illness listed in the policy.
After paying monthly premiums and then falling ill, you would hope that your insurance company would pay out as expected. Unfortunately, your illness or disease might not be listed in their policy.
To resolve this, some insurance companies have extended their list of covered illnesses and diseases, however, there are also others that charge for the additional cover.
For the right advice on critical illness cover, speak with one of the experts we work with. They’ll be able to find the most favourable deals based on your personal and financial circumstances. Make an enquiry to get started.
What additional critical illness cover should I buy?
Some insurance companies only pay out if your disease, disability or illness closely meets the definition in their policy, so when searching for a policy, read your contract carefully.
For example, cancer accounts for two-thirds of critical illness claims, although some early stage-cancers may not be covered in every policy.
It can be difficult to predict whether you might need additional critical illness cover, although certain people may be more at risk of falling ill if they have poor health or a history of certain diseases in their family.
Because of this, it’s important to regularly review your cover as you may wish to include financial protection for additional diseases and illnesses such as:
- Traumatic brain injuries
- Loss of limbs
- Kidney failure
- Loss of speech
- Low grade prostate cancer
- Crohn’s disease
How much should I pay for additional critical illness cover?
The cost for additional critical illness cover can vary heavily and sometimes the cheapest deal is not always the better option as a lower price can result in tighter restrictions.
However, that’s not to say that there aren’t insurance providers that can provide cover for a vast range of eventualities for a lower price.
In fact, the cost of your combined or additional critical illness cover will largely depend on your age and medical history, so if you’re in good health, it may be possible to find a policy with lower premiums.
Talk to an advisor today to find out how you can get the most favourable deal.
Top tips to ensure your separate critical illness insurance will cover you
Whilst it’s always advisable to seek professional advice before making a large financial decision, here are some tips to help you navigate the world of critical illness insurance:
Read the terms and conditions
If you’re paying premiums each month for your policy, you need to feel confident that your agreement will cover you in various eventualities.
It’s also important that you are clear about the minimum and maximum amount you will receive if you fall ill.
Check your contract closely to determine exactly what you’re covered for or have a professional do it for you.
Check how often they pay out for claims
All insurance companies are now legally obliged to state their rate of pay outs for claims.
This information should be easily identifiable on their website and if it isn’t, ask the company for this information along with their list of covered illnesses.
This can be time consuming, especially if you’re comparing more than one quote. An insurance specialist can do this on your behalf and because of their experience, they can recommend the most viable insurance companies to approach.
Think carefully about what type of cover you want
Additional critical illness cover can be a huge help during periods of time where you simply are unable to earn.
However, there may be other insurance policies that are more suited for your needs.
For example, most people are unaware that critical illness insurance usually doesn’t pay out if you pass away, so it’s not always suitable if you want to leave money to take care of your loved ones. If this is something that you’d like to be covered for, it might be worth getting life insurance.
You may also have concerns about your family’s ability to pay the mortgage if the worst should happen. If so, perhaps mortgage protection or home insurance would be more beneficial.
With so many options, deciding the right option can seem daunting, after all, you want to ensure that the cover you purchase will pay out.
If you’re uncertain about which type of insurance product would be most beneficial for you and your circumstances, talk to an expert.
The advisors we work with can take the time to listen to what you want and highlight the policies that meet your needs.
Do I need separate critical illness cover?
Whether or not you need additional critical illness cover will highly depend on your circumstances, health, age and above all, the range of protection that you want.
Speak to an insurance professional to establish the most versatile cover for you. They’ll have access to hundreds of insurers across the UK and can advise you of the policies to steer clear of as well as those with a broad range of protection, a fair price and good track record of payouts.
Make an enquiry to get started.
Talk to an expert about additional or combined critical illness cover
Contact a critical insurance specialist today for free and impartial advice.
Call us on 0808 189 0463 or fill out an enquiry form to kickstart your search for additional critical illness cover. The advisors we work with will answer any questions you have to ensure you are aware of the pros and cons of each critical illness policy.