Frequently Asked Question
Critical illness insurance what is it?
Critical illness insurance is a form of protection policy that will pay the policy holder a lump sum if he or she were to suffer from one of the specified critical illnesses in their policy conditions. Some policies can be designed to pay an income as an alternative to a lump sum.
Who needs critical illness insurance?
In a word we all do. If you have any liabilities or a family, by taking a critical illness policy this will help protect both your self and family in the event of having a critical illness. The policy will give peace of mind more than anything else, if you were to get a critical illness at least you will have nothing else to worry about.
What exactly is covered in my critical illness policy?
From the outset of the policy who ever you decide to take the contract out with will publish a complete list of the conditions covered in their particular plan. The better of the plans have anything up to 40 illnesses covered. The main illnesses that are included in most plans that take the majority of the claims are heart attack, cancer and stroke.
What options are available for my critical illness policy?
There are a number of different options available that can be added on to your critical illness policy. The main ones are total and permanent disability and waiver of premium. Total and permanent disability means that the policy would pay out if you were to be permanently and totally disabled. Waiver of premium is when the policy premiums would be paid by the company if you were unable to maintain payment through sickness or injury.
Can I get cover for my mortgage?
The answer to this is yes. There is the option to take mortgage decreasing critical illness insurance. Mortgage decreasing critical illness is designed to be a little bit cheaper than level cover and is designed specifically for a mortgage or loan than is on a repayment basis. The sum assured decreases in line with the outstanding liability.
Are children covered in my critical illness policy?
On the majority of cases children are covered on the critical illness policy. Normally they will be covered up to a maximum of between £20000 and £25000 or 20% 0r 25% of the sum assured. Children would be covered for all the illnesses included in the plan so long as they were not pre-existing
Term critical illness insurance what is it ?
The phrase term is used a lot in the protection industry. Term is when a policy remains level throughout its length. The sum assured will be constant thus making this cover ideal for family protection or to protect an interest only mortgage.
At what stage will my critical illness policy pay?
The critical illness insurance policy will pay out after one of the specified critical illnesses have been diagnosed. On a critical illness only policy normally you have a 14 day survival period. This means you have to survive for 14 days for the policy to pay.
I am over 50 can I still have critical illness insurance?
Yes in a word. With the population gradually getting older and older more and more people are taking critical illness polices after 50. It is worth considering however that these polices are very age sensitive and the older you are the more expensive the policy is. So if you are considering taking critical illness insurance and you are over 50 it could be expensive.
I want some critical illness insurance who do I see?
You don’t have to see anyone. Here at Unbeatable Quote UK we are one of the leading critical illness specialists in the UK. We can offer all the advice and guidance over the phone. We back this up with detailed information packs giving all the relevant key features documents.
Does the critical illness insurance policy stop after I make a claim?
Yes. The policy under normal circumstances will stop after a claim is made. This is because hopefully it will of done its job. You will of received the lump sum and paid off the liabilities or provided for the family you wish to protect. There are however some circumstances when you can re-instate the plan. This is at a reduced level and you wont be able to cover what the claim was made for.
What period will the critical illness run over?
The term of the policy is up to you? It can run along side the length of the liabilities you are protecting or can be taken to retirement age. Most have a minimum 5 year term and most wont go over 65 years of age.
I think I have life insurance do I need critical illness?
Most probably the answer is yes. The chances of getting a critical illness are far greater than passing away. So there is a much higher chance of making a claim. It is always worth remembering that critical illness will cost more than life insurance. A lot of policies are sold combined life and critical illness as this is a more cost effective way of obtaining the policy.
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