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Why Do I Need Critical Illness Life Insurance Cover?

Why Do I Need Critical Illness Life Insurance Cover?

Do you remember back to the days when you were invincible? Well, maybe you weren’t actually invincible, but that was how it felt, long before thoughts of life insurance or critical illness life insurance cover had ever crossed your mind.

You used to be able to throw yourself out of huge trees, jump off towering rocks into the water and ride at breakneck speeds on your rickety old bike – and it was all done without fear or a thought for the consequences.

But as you’ve got older, it’s all changed. Grandparents pass away, accidents and illness claim those that we know, and we realise that we’re not quite as indestructible as we once thought.

Along with this realisation also comes a degree of responsibility. We need to work in order to survive and we might have somebody that depends on us; a partner or even a child. If, for some reason, work is suddenly impossible due to serious illness or injury, the effects can be catastrophic.


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Nobody wants to find themselves unable to feed their children or pay their mortgage and so it’s vital that you protect against the unthinkable happening by investing in critical illness cover.

It’s a sad fact that 25% of women and 20% of men will be affected by something as serious and potentially devastating as a heart attack or cancer before they’re old enough to retire. That’s why critical illness cover is so essential as it will ensure that a lump sum is paid out in the event that you become seriously ill or completely disabled.

This money will be tax-free and it can be used for any purpose you wish. Some people choose to pay off their mortgage with it, while others use it to ensure that they and their family are able to continue the standard of living to which they’ve become accustomed.

Discovering you’ve got a serious illness that could greatly affect the rest of your life is bad enough, but if you’ve then got to worry about your finances on top of it all, the situation can be ten times worse.

That’s why including the option of critical illness cover with your life insurance is so vitally important. It’s not just going to protect you, but will also protect the security of your loved ones in the event of a tragedy occurring. And because we’re not invincible, tragedies do occur and there’s nothing that we can do to stop them.


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You may not be able to stop them, but you can protect against them with a cheap critical illness plan from AOR

How does Critical Illness Cover work? 

It might not be able to stop you being critically injured or prevent you from being struck down with serious illness, but adding critical illness cover to your life insurance policy will ensure that you’re financially provided for if the worst does ever happen.

If you do decide to take out critical illness cover, a tax-free lump sum will be paid out in the event that you’re diagnosed with one of a number of serious conditions or are left permanently disabled because of injury or illness. These conditions will include strokes, cancer, multiple sclerosis, heart attacks, coronary artery bypasses, major organ transplants and kidney failure.

You’ll pay a monthly fee to the provider of your critical illness cover and the cost of this can range enormously, starting at just a couple of pounds a month. Exactly how much you’ll have to pay will depend on a whole range of factors including your age, your health and your lifestyle.

If, for example, you’re aged fifty and drink and smoke heavily, you’ll have to pay more for your critical illness cover than a 21-year-old who’s never touched a cigarette and only drinks a glass of wine or two at weekends.

You might have to have a medical in order to begin your cover, but this is nothing to worry about and isn’t at all intrusive or intimidating. A nurse will come to visit you at a time that’s convenient for you and they’ll ask a few questions and carry out a few simple painless procedures such as taking your blood pressure and weighing you. If it’s easier for you, they can even visit you at work on your lunch break or in the evening when the kids are in bed.

Not everybody has to have a medical, however, and the majority of people simply have to fill in a few forms asking them about their medical history. You will also be asked about your family’s medical history as the critical illness provider will want to gauge whether you’re more likely than normal to be diagnosed with a serious condition like cancer or heart disease.

Things like having immediate family who have suffered from such conditions is likely to affect the price of your cover, as is the length of time that you want the policy to run for and the size of the payout you require.

You don’t always have to set a specific amount of time that you want your critical illness cover to run for and, if you like, you can just set it up to run for the rest of your life. Alternatively, you can get it to run for the same amount of time as your mortgage, until you retire or any other specified length of time.

Having critical illness cover isn’t like having a phone contract or a membership to your local gym, and you can cancel it any time you like without being charged.

If you are unlucky enough to find yourself struck down with a serious illness, the lump sum that is likely to be paid out to you usually ranges from €100,000 up to €250,000. This, of course, depends on how much you decide you’d like when you begin your cover. It’s worth bearing in mind, though, that the bigger your payout, the more you’ll have to pay each month.

The main thing to remember about critical illness cover is that it there’s to provide peace of mind and security, two enormously important things in life. Nobody knows what’s going to happen in five, ten or even fifty years, so it’s definitely worth protecting yourself against the worst.

To ensure the security of yourself and your family, simply take out a life insurance policy today with AOR Insurances and include it in the deal. For just a few pounds a month you can make sure that your financial future is secured and your family are provided for if the worst should ever happen.

What illnesses are covered by a critical illness policy?

All critical illness policies vary slightly in what they cover, so it’s important that you read the conditions of your particular policy very carefully. All policies will cover strokes, heart attacks and cancer and are also likely to pay out in the event of multiple sclerosis, kidney failure, a major organ transplant or coronary artery bypass surgery. Other conditions such as blindness, motor neurone disease, Parkinson’s and paralysis should also normally be covered.
 

What’s not covered?

In the same way, each policy is different and so some providers will pay out for certain illnesses that others won’t. It’s fairly standard, however, that Aids and HIV aren’t covered.

Neither are illnesses caused by drug misuse or criminal activity, and you won’t receive any payout if the illness or injury is self-inflicted.

How much will critical illness cover cost me?

You’ll pay a monthly premium for your critical illness cover but how much it’ll be really does depend on a number of circumstances. Things like the length of the cover and the size of any payout will have a big effect on the cost, as will your age and your family’s medical history. Your own medical history will also play a part and you could find you’ll have to pay more if you smoke or drink heavily.

 

Can I make a claim as soon as I’ve taken out critical illness cover?

Most policies include a clause that states you’re unable to make a claim until the policy has been active for three months.

How much money will I receive if I’m diagnosed with one of the covered illnesses?

The size of your payout will depend on how much you specify you’d like when you apply for your critical illness cover. Payments usually vary in size from £100,000 to £250,000, but this is by no means set in stone and you should be able to request more or less during your application process. Remember, the lump sum will be tax-free so you’ll get every penny of the payout. Also remember that the size of the payout will have an effect on how much you’ll be paying each month for your critical illness cover.

Can I use my payout for anything I like?

Yes, the money will be yours to spend as you like. Some people use it to pay off a mortgage or clear some outstanding debts, while others use it to live off or even choose to leave it to their loved ones. Discovering you’ve got a serious illness is bad enough without having to worry about how you’ll get by financially; that’s where critical illness cover can be so important.

What’s the best way to get cheap critical illness cover? 

Being young and in good health can help to bring down the price of your critical illness cover, but the best way to get a cheap deal is to apply for your policy through AOR Insurances. We’ll search and compare hundreds of different options in order to find the cover that’s just right for you.