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23 May, 2019|

Critical Illness Insurance: Why it can be so important

No one wants to think of the worst happening. But if the worst should happen, such as being diagnosed with a serious illness, the last thing you or your family want to be preoccupied with during a difficult and emotional time is financial worries.

This is where critical illness insurance can prove so valuable, giving you the reassurance that you and your family are financially protected.

What is Critical Illness Insurance?

Critical Illness cover is an insurance policy which provides cover if you are diagnosed with a serious illness. The policy will typically provide cover against the financial implications of having to stop work for a period of time or completely due to a serious illness.

Critical illness insurance usually covers against a predetermined list of medical conditions which will be defined in your policy.

What does Critical illness insurance cover provide?

If you are diagnosed with a serious illness and have critical illness insurance, if your condition is one of those specified within your policy, the policy will pay out an amount that you selected when you took out the policy.

In many cases this will be a lump sum, paid in one payment. It is then up to you how you use this money. You may for example use the money to:

– help pay off a mortgage or cover mortgage payments
– cover living expenses whilst you are unable to work
– pay for private medical care or treatment

What types of cover are available?

Standalone critical illness insurance

Sometimes referred to as additional cover. This type of critical illness cover is purchased alongside life insurance. The policy will pay out if you get a serious illness. But it also means that a life insurance claim would be paid out as well at a later date.

Combined Life and critical illness insurance

In this instance, both sets of cover are purchased together however, the policy will only pay out once. If you make a critical illness claim, the policy would not pay out a life insurance claim at a later date.

At Anthony Jones we are partnered with Zurich in order to be able to provide our customers with critical illness insurance. Critical illness cover from Zurich can be purchased alongside a life insurance policy.

Some of the benefits include:

• Cover for 40 conditions
• 95% of cases paid out in 2017
• Ability to add up to £25,000 cover for your children
• Access to the Zurich Support Service – a freephone helpline, staffed by a team of independent experts, open 24 hours a day, 365 days a year

You can also watch this short video to find out more about life insurance and critical illness cover.