Why people choose critical illness cover
Medical care has moved on a long way, and many people now survive illnesses that once proved fatal. Recovery can still take months. During that time your income may drop, your partner may take time off to care for you, and your home may need changes. Critical illness cover gives you a sum of money at the point of diagnosis to help with all of that.
The payout belongs to you. You could clear part of the mortgage, replace lost earnings, pay for private treatment or simply take a family holiday once treatment ends. No insurer will ask how you spend it.
Some people rely on savings or a partner's income to see them through an illness. That can work for a short absence. A long recovery tends to drain savings faster than expected, and a lump sum lets your family keep its plans on track while you concentrate on your health.
What a policy usually covers
Each insurer publishes a list of conditions and a precise definition for each one. The core conditions appear on nearly every policy. Beyond those, lists vary in length and in the detail of each definition, which is where comparing policies really counts.
Many policies also pay a smaller, partial amount for less severe diagnoses, such as some early-stage cancers. After a partial payment, your remaining cover usually carries on for a later claim. Children's cover is often included, paying a sum if a child is diagnosed with a listed condition, and some policies add a payment towards costs such as time off work or travel to hospital.
- Cancer, where it meets the stated level of severity
- Heart attack with specified evidence
- Stroke resulting in lasting symptoms
- Multiple sclerosis and motor neurone disease
- Kidney failure and major organ transplant
Definitions matter more than the length of the list
A policy with a long list of conditions can look impressive, yet the definitions decide whether a claim pays. Two insurers may both cover a heart attack while asking for different medical evidence. A broker reads that small print for you and compares like with like.
Most policies also ask you to survive a short period after diagnosis before they pay, commonly measured in days or weeks. Check too whether your policy covers total permanent disability, and if so, whether it judges that against your own job or against any job. We will flag those points before you decide.
Standalone or combined with life insurance
You can buy critical illness cover on its own or attached to a life policy. With a combined plan, the policy pays once: either on diagnosis or on death, whichever comes first. That keeps the cost down and suits many mortgages.
Standalone cover, or separate life and critical illness policies, can pay twice if you are diagnosed and later die during the term. It costs more, though it protects your family in both events. Your budget and your other cover will guide the choice, and we can price both routes for you side by side.
What affects the cost
Critical illness cover usually costs more than life insurance for the same sum, because a claim during the term is more likely. Your age, smoking status, weight, blood pressure and family history all play a part. Insurers ask closely about any illness in parents or siblings before a certain age.
Choosing a smaller sum, a shorter term or a combined plan will reduce the premium. Some people pick a sum that covers one or two years of household spending rather than the full mortgage. There is no single right answer, and we can model a few options so you see the trade-offs.
Your premium is usually guaranteed for the full term when you buy it. Some insurers also let you increase your cover after life events such as marriage, a new baby or a bigger mortgage, without new medical questions, within set limits. That option can be useful if you expect your family to grow.
How Hi Tomorrow helps
We compare critical illness policies from the insurers on our panel, looking at the definitions as well as the price. We explain where one policy is stronger than another for the conditions that run in your family, and we tell you if a cheaper plan has gaps that matter.
We also help you complete the medical questions accurately, since a full and honest application gives a claim the best footing. If you ever need to claim, call us. We will help you gather the paperwork and keep in touch with the insurer on your behalf.