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1. A Guide to
CRITICAL
ILLNESS
PROTECTION Providing financial security at
an emotional and difficult time

2. A Guide to Critical Illness Protection
A Guide to
CRITICAL
ILLNESS
PROTECTION
Providing financial security at an emotional and difficult time
It’s easy to think “it won’t happen to me,” but if the worst should include reduced cover for children
happen, your critical illness insurance could help provide financial but the new rules spell out when it
security at an emotional and difficult time. Whether it helps pay will not apply - for example, if the
condition was present at birth.
off your mortgage, funds a relaxing holiday to recover from
treatment, or just help you cope with the bills and expenses, Q: Should I have a critical illness
the lump sum pay-out from critical illness insurance could insurance policy?
relieve worries and let you concentrate on getting better. A: Your need to be covered by
insurance against the diagnosis of a
Most home buyers purchase life diagnosed with a critical illness, or critical illness will largely depend on
assurance when they arrange a you die, whichever happens first. your life stage and your particular
mortgage, but only a minority circumstances. These might
obtains critical illness insurance. Q: What conditions are covered? include having a family to support,
Critical illness insurance pays a tax- A: All policies should cover seven being a homeowner and paying a
free lump sum on the diagnosis of core conditions. These are cancer, mortgage, those who have paid off
any one of a list of specified serious coronary artery bypass, heart attack, their mortgage, or those who have
illnesses – including cancer and kidney failure, major organ transplant, separated from their partner and have
heart attack. multiple sclerosis and stroke. They dependant children.
may also pay out if a policyholder If you are about to start a family (or
Your questions answered becomes permanently disabled as a have one already), a critical illness
result of injury or illness. insurance policy is an essential way to
Q: What is critical illness insurance? But not all conditions are necessarily plan for the entire family’s protection
A: Critical illness insurance pays covered. In 2011 the Association of from the outset.
out a tax-free lump sum if you are British Insurers introduced a set of
diagnosed as having one of the best practice guidelines. Q: I have already paid off my
specified life-threatening conditions The rules include clarification mortgage, so why do I need
defined in the policy. Policies often on when policies will pay out if a critical illness insurance?
offer combined life and critical illness claimant suffers ‘total permanent A: If you have paid off your mortgage,
insurance. These pay out if you are disability.’ All policies automatically and your mortgage protection policy
A Guide to Critical Illness Protection

3. A Guide to Critical Illness Protection
included critical illness insurance, be paid into a trust fund from which
but you still have dependants - you the children will benefit directly. The Critical illness insurance policies
should have a separate critical illness policy cannot be in the name of the are very accessible and these days,
insurance policy. It will enable you to children, however. n there are literally hundreds of
policies available. When choosing
continue to protect your family should
a policy, you should avoid simply
the unthinkable happen to you.
choosing the cheapest. Similarly,
the most expensive will probably
Q: Why do I need critical illness Nearly two-thirds of the
cover you against every disease
insurance cover as I’m separated population has no form
imaginable, and you may not need
of financial protection
from my partner? such detail in your policy.
if they become critically
A: If you are unfortunate enough The good news is that medical
ill. Advances in medicine
to have to go through divorce advances mean more people
and technology also
proceedings but are awarded custody than ever are surviving conditions
mean that more people are
of the children, you could ask your that might have killed earlier
living longer and surviving
former spouse to take out a critical generations. For example, more
illnesses that used to be
than 90 per cent of men diagnosed
illness insurance policy. If your former fatal. In research conducted
with testicular cancer are still alive
partner is required to pay maintenance by insurer Aviva, most people
five years later, while more than
costs but is unable to work, the money aged 45 to 54, who are in
80 per cent of women diagnosed
spent on the children may even stop. the age group most likely
with breast cancer have the same
If you set up a critical illness to claim say they cannot
survival rate, according to the Office
afford protection.
insurance policy, the money could for National Statistics.
Need help?
To discuss the options
available to you or to review
your current provision,
please contact us.
A Guide to Critical Illness Protection

4. Content of the guide featured is for your general information and use only and is not intended to address your
particular requirements. It should not be relied upon in its entirety and shall not be deemed to be, or constitute,
advice. Although endeavours have been made to provide accurate and timely information, there can be no
guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in
the future. No individual or company should act upon such information without receiving appropriate professional
advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a
result of acts or omissions taken in respect of any articles. Tax laws are subject to change, possibly retrospectively.
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