Can A Claim Be Made Straight Away With Critical Illness Cover?
Question asked by Gemma Stone
What’s the difference between Critical Illness Insurance and Personal Accident Cover? I want to be able to pay my mortgage and bills if I can’t work.
Personal Accident Insurance pays you a lump sum of money if you suffer an accident or serious injury (i.e. loss of limbs, major fractures, and loss of hearing/sight). Your payout is generally capped at between £5,000 and £20,000.
Meanwhile, Critical Illness Cover will pay a lump sum if you’re diagnosed with a serious illness (i.e. types of cancer, heart attacks and strokes). But it also includes cover for the results of a serious accident, such as the loss of a limb or loss of sight.
You’ll either get the whole amount for a serious illness, or a partial amount if it’s less severe.
If you work in a high-risk environment (such as hazardous facilities or construction sites) or partake in extreme sports, Personal Accident Insurance is usually your go-to.
But if you’re in the game of life – juggling mortgages and responsibilities – that’s where Critical Illness Insurance comes in. It’s your ticket to peace of mind for paying off the bills.
Generally, unless you’re an adrenaline-junkie or work in a high-risk environment, we recommend you take out Critical Illness Insurance over Personal Accident Insurance. It’s a far more comprehensive product.
You can tailor your plan, with most insurers allowing you to choose the conditions for which you want to be covered. In fact, you can be covered for more than 120 illnesses and disabilities. This is compared to Personal Accident plans, which only cover serious injuries.
Our team of experts live and breathe insurance, and are here to chat about what’s best for you.
For fee-free financial advice and access to the most competitive rates on the market, give us a call on 02084327333 or ping us an email help@drewberry.co.uk.