Critical Illness Cover is designed to help cover those critical illnesses which could have a severe impact on your lifestyle. It is designed to pay out a lump sum if you are diagnosed with one of the specified critical illnesses, listed on the policy or on death during the period of cover, if you have selected the life cover option and you are eligible to claim.
All illnesses on more recent plans comply with the Association of British Insurers’ list of critical illness, which clearly state under what circumstances the insurer will pay a claim. This is usually done within 28 days of diagnosis of the condition with a few exceptions that can take up to six months. Before purchasing cover research the market and don’t buy on price alone as providers claim pay-outs can vary. Ensure you ask the question: what percentage of your claims do you pay out? This should be in the 95% plus bracket for an effective policy.
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