UK - Critical Illness Cover FAQs Answered by Oportfolio

Critical illness can provide comfort and financial support at the most difficulties times in life. Although it is a straight forward product, many clients have questions regarding which policy is right for them. Here we cover some of the most frequently asked questions regarding critical illness policies. You can find out more about critical illness policies here, or call 0207 3715 063 for an informal, no-obligation chat with one of our friendly advisers.

Do I need critical illness cover?

Like any insurance policy, you always hope you’ll never have need of a critical illness insurance policy, but in the event you are diagnosed with one of the specific medical conditions specified in your cover, it gives you financial peace of mind.

Although critical illness cover won’t pay out for every condition it will typically cover things like heart attacks, strokes, some cancers and debilitating illnesses such as multiple sclerosis and is paid out at the time of a confirmed diagnosis.

Your insurance provider will pay out a lump sum which can be used for any purpose, from funding specialist treatment for your illness to providing you with financial security when you can’t work or mitigating your financial liabilities.

What is the average cost of critical illness cover?

The cost of critical illness cover will vary from person to person depending on their age, current lifestyle and health history. Typically, for a policy that would pay out £100,000 on a diagnosis of a qualifying condition you might expect to pay around £25 a month for a healthy person aged 30, £45 per month for a healthy 45-year-old and as much as £100 a month for someone aged 50 and over.

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What are the benefits of critical illness insurance?

Critical illness insurance offers you financial peace of mind and security because your policy will pay out a lump sum on diagnosis of a qualifying condition. The money can be used for any purpose – whether that’s paying for private medical treatment, paying down debt, replacing lost income or simply providing a nest egg for your family’s future.

What is the best critical illness insurance policy?

There is no ‘one size fits all’ critical illness policy because everybody’s needs are very different. When considering which policy to take, you should take into account your financial needs not just now, but also in the future and try to ensure your policy will absorb the changing financial demands you will face as you age. Remember that policies become more expensive as you get older, so having an eye on the future could save you money in the long term.

You can read our full FAQ's here.

You can find out more about critical illness policies here, or call 0207 3715 063 for an informal, no-obligation chat with one of our friendly advisers.