Critical illness cover provides a lump-sum payment if you’re diagnosed with a serious illness, such as cancer, heart disease, or stroke. This can help cover medical expenses, mortgage payments, or loss of income during recovery.
Application Process:
Assess Your Financial Needs: Determine how much cover you would need to maintain your standard of living in case of a critical illness.
Choose Your Policy: Look for a policy that covers a wide range of critical conditions. Many policies are available as a standalone or as an add-on to life insurance.
Submit Your Application: You’ll provide personal details, including age, health history, lifestyle, and medical background.
Medical Underwriting: Insurers will likely request a health questionnaire and possibly a medical check-up to assess your risk.
Receive Your Policy: Once approved, you’ll get a policy document outlining the conditions covered and payout terms.
Factors Insurers Consider:
Health History: Pre-existing conditions or family medical history can affect your eligibility and premiums.
Age: Younger applicants typically benefit from lower premiums.
Lifestyle: Smoking, drinking, or engaging in risky activities may increase your premium.
Coverage Level: The amount you want to be covered for, and whether you want to combine it with life insurance, will influence your premium.
Top Tips
Understand What’s Covered: Check the list of illnesses covered by the policy to ensure it aligns with your concerns.
Consider Combining with Life Insurance: Many providers offer critical illness cover as an add-on to life insurance, which can save on costs.
Review Your Policy Regularly: As your circumstances change (e.g., new dependents or mortgage), ensure your coverage still meets your needs.
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