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Critical Illness Calculator: Calculate how much Critical Illness Insurance will cost

Critical Illness Insurance Calculator

Our Critical Illness Calculator is here to help you answer some of the most common questions that everyone asks when considering taking out Critical Illness Cover:

  • How much cover can I get?
  • How many illnesses are covered and what are they?
  • How long can I be covered for?
  • How much does Critical Illness Insurance cost?

With this tool, you can weigh up the different policy options and see the impact it will have on your monthly premiums by comparing instant online quotes from the top UK insurers.

Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Level of Cover
Date of Birth
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Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

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What is Critical Illness Cover?

Critical Illness Cover is a type of insurance that will pay out a lump sum if a policy holder is diagnosed with a specified critical illness. Insurance companies will provide a list of critical illnesses and injuries that they will cover and if you are diagnosed with one of them by a medical professional, you will be able to claim on your policy.

The cover that you get from a Critical Illness Insurance policy is not tied to your earnings, which means that you can choose to have as much cover as you want, similar to a Life Insurance policy. It is designed to cover any serious expenses that you may have that relate to your diagnosed condition.

Critical Illness providers will typically cover the most common and serious medical conditions, such as certain cancers, heart attacks and strokes.

However, insurers’ lists can differ dramatically. Some insurers may not cover milder cases of severe conditions, even though they can be equally as debilitating. For that reason, it is advised that you review the list of conditions that insurers cover before choosing the provider that’s right for you.

Samantha Haffenden-Angear
Independent Protection Expert at Drewberry

At Drewberry, we’ve got access to specialist software that ranks Critical Illness Insurance policies by how likely they are to pay out for the conditions someone like you is most likely to suffer. To make use of this, call us today on 02084327333.

Need Help? Start Live Chat with our Experts  

Neil
Pensions Advice

Robert
Income Protection
Critical Illness Cost Calculator

Calculating the Cost of Critical Illness Cover

There are a variety of factors that will affect the cost of Critical Illness Cover, with the main factor being how much you choose to cover yourself for.

 

Policy Options that Affect the Cost of Critical Illness Cover

Level of Cover

The amount you want your Critical Illness Insurance to pay out is the most important feature of your policy in terms of its cost. The more cover you apply for, the more you will pay in premiums, it is a linear relationship between the amount of cover and the cost i.e. £200,000 of cover is likely to cost roughly twice that of £100,000 of cover.

Premium Type

There are different types of premiums that insurers offer that will affect the way your policy is priced throughout the length of your policy.

  • Guaranteed Premiums will remain at the same price for your policy’s entire lifespan, providing you don’t request any changes to your cover.
  • Age-Banded Premiums will increase with age at a set rate, although this rate may differ amongst insurers. Most insurers will have a premium table that presets your premium increase each year over the life of the policy as you get older.
  • Reviewable Premiums are regularly reviewed by your insurance provider and will change depending on a number of factors, such as your health, your age and your insurer’s investment performance.

Number of Conditions Covered

The price of your policy will differ depending on the amount of serious illnesses that your policy covers as well as the types of conditions. Policies that cover more conditions or conditions that are more common are likely to cost more than others. However, the extra cost can be worth it when you consider the risk of falling critically ill. With our tools we can present a report which will help you better understand the quality of the different critical illness policies available, looking beyond just the price.

Policy Cease Age

The age at which you choose for your Critical Illness Cover to end will affect your premiums because as we get older, it is more likely that we are going to be diagnosed with a serious illness. Reducing your policy’s cease age by a few years can reduce your premiums, but may put you at risk of being without cover when you need it most.

 

The Effect of Your Personal Circumstances

Age

As we get older our health declines and applying for most personal insurance policies when you’re older will mean that your premiums will be more expensive.

Current State of Health

As well as your overall health, your height and weight is usually taken into consideration when working out your policy premiums.

Medical History

If you have suffered from any serious health conditions in the past, there are several actions that your insurer may take. They may either place an exclusion on the policy for any pre-existing conditions, cover pre-existing conditions for a higher premium, or offer the policy on a standard term if they don’t believe that the conditions was severe enough to warrant an exclusion.

The way insurers react to pre-existing conditions depends on the condition, its severity, and the underwriting method used by your insurance company.

Smoker Status

With some insurance, smoking regularly can practically double your premiums. You will need to give up smoking for at least a full year in order to benefit from non-smoker premiums, otherwise you can expect to pay considerably more on your Critical Illness Cover.

Lifestyle Choices

Most insurers will ask for some more personal information relating to your lifestyle, such as the amount of alcohol you regularly consume and whether you take part in any dangerous hobbies. If there are any aspects of your currently lifestyle that may increase the risk of you being critically ill, your insurer may choose to either place an exclusion on your policy or increase your premiums.

Josh Martin, Independent Protection Expert at Drewberry

The combination of options along with your personal circumstances can have a significant impact when calculating the cost of your policy.

You can use our Critical Illness Insurance Calculator to see for yourself how much your policy may cost with the various options you can choose from.

Josh Martin
Independent Protection Expert at Drewberry

 

Example of Critical Illness Cost Calculator 2018

Below is a example from our Critical Illness Insurance Calculator that works out the most competitive monthly premiums. It assumes the individual is in good health, a non-smoker and wants Critical Illness Cover with Life Insurance that will decrease over 25 years. Such policies are commonly used to cover a repayment mortgage.

As you can see, the price of Critical Illness Insurance increases considerably with age to reflect the fact that you’re more likely to suffer a critical illness the older you get.

£150,000 of Decreasing Life and Critical Illness Cover Over 25 Years

Age 25

Age 45

£16.91 per month

£72.29 per month

Zurich Life and Critical Illness Cover
Zurich Life and Critical Illness Cover
Premiums correct as of 15/2/2018
Compare Top 10 UK Insurers
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Calculate your level of Critical Illness Cover

Calculating the amount of Critical Insurance you will need will depend on a range of factors, including your budget, your policy, and what it is that you intend to cover with the payout from a Critical Illness Insurance policy.

The first thing you need to question before deciding how much cover you need is what you intend your Critical Illness Insurance payout to cover. Here are some of the most common things people choose to spend their Critical Illness lump-sum benefit on:

  • Medical treatments
  • Medical or domestic care
  • Therapy and rehabilitation treatments
  • Modifications to your home to accommodate a disability
  • Medical equipment
  • Everyday expenses
  • Mortgage debt or loan payments

These are only some of the things that you may use your insurance payout to cover, so it is important that you take into consideration the consequences of becoming critically ill and what that may mean for your finances or your family’s.

Sam Barr-Worsfold, Independent Protection Expert at Drewberry

To work out how much cover you need, take a close look at your current finances and work out how much you may require to support you and cover essential expenses.

The team at Drewberry can help you come to a Critical Illness Insurance valuation, so please don’t hesitate to pop us a call on 02084327333 or email help@drewberry.co.uk.

Sam Barr-Worsfold
Independent Protection Expert at Drewberry

It’s very hard to calculate out how much you’d need in terms of a lump sum if you had to stop working after suffering a critical illness. If your payout is aligned with your mortgage, you may find that the policy repays the mortgage but leaves no other cash to keep up with household expenses while you can’t work.

You also don’t know how long an illness might keep you off work for. A payout of a few hundred thousand pounds might seem like a lot of money, but how many years would that replace your earnings for before you started to struggle? What if you were off work indefinitely?

 

Could Income Protection Insurance be a better option?

The difficulties in deciding how much you’ll need as one lump sum means many people instead choose Income Protection over Critical Illness Cover, which replaces your income if you can’t work. The best Income Protection policies pay out indefinitely until retirement, so you’d never be without an income if you couldn’t ever work again.

For a much better understanding of the differences you might want to read our Income Protection vs Critical Illness Cover Guide.

Excellent service at convenient times of the day specified by me. All product options were clearly outlined and I am very pleased.

Matthew Draper
11/07/2018
Top UK Critical Illness Insurance companies

Comparing Critical Illness Insurance Companies

Most Critical Illness Insurance policies cover a set of illnesses ‘as standard’, offering you a full payout if you meet the definition of that illness.

Some may pay out on a sliding scale depending on how serious your experience of that illness was. On top of the illnesses included ‘as standard’ will often be ‘additional’ illnesses which offer a lower payout to reflect the fact that they’re less serious.

Aegon

Aegon

  • Conditions covered: 43
  • Additional conditions covered: 15
  • Minimum period: 5 years
  • Maximum period: 50 years
  • Maximum age: 84
  • Children’s Critical Illness Cover: Lower of 50% of benefit insured or £25,000
AIG

AIG

  • Conditions covered: 50
  • Additional conditions covered: 30
  • Minimum period: 3 years
  • Maximum period: 50 years
  • Maximum age: 85
  • Children’s Critical Illness Cover: Lower of 50% of benefit insured or £25,000
Aviva

Aviva

  • Conditions covered: 43
  • Additional conditions covered: 11
  • Minimum period: 5 years
  • Maximum period: 50 years
  • Maximum age: 75
  • Children’s Critical Illness Cover: Lower of 50% of benefit insured or £25,000, with an additional £5,000 for the death of a child
Legal and General

Legal & General

  • Conditions covered: 38
  • Additional conditions covered: 2
  • Minimum period: 1 year
  • Maximum period: 50 years
  • Maximum age: 89
  • Children’s Critical Illness Cover: Lower of 50% of benefit insured or £25,000
LV

Liverpool Victoria

  • Conditions covered: 43
  • Additional conditions covered: 20
  • Minimum period: 5 years
  • Maximum period: 40 years
  • Maximum age: 69
  • Children’s Critical Illness Cover: Lower of 50% of benefit insured or £25,000
Royal London

Royal London

  • Conditions covered: 48
  • Additional conditions covered: 16
  • Minimum period: 5 years
  • Maximum period: 50 years
  • Maximum age: 84
  • Children’s Critical Illness Cover: Lower of 50% of benefit insured or £25,000
Vitality

Vitality

Vitality’s Critical Illness proposition is named Serious Illness Cover and works slightly differently to Critical Illness Insurance. Its payouts tend to be on a sliding scale, with less severe versions of critical illnesses receiving a proportionate benefit.

  • Conditions covered: Up to 174
  • Minimum period: 5 years
  • Maximum age: 89
  • Children’s Critical Illness Cover: Lower of 50% of benefit insured or £25,000

Where it is so difficult to compare apples with apples it’s really worth speaking to an expert to make sure you get it right.

You can get an indication of the cost with our Critical Illness Insurance Calculator however to ensure you take out the most suitable cover that is most relevant to your needs it is best speak with one of our team who can use more complex tools to help ensure you can make an informed decision.

Victoria Slade, Independent Protection Expert at Drewberry

Comparing Critical Illness Insurance can be difficult because each insurer covers different conditions with differing degrees of severity.

Insurance providers that offer cover for a greater number of conditions may not necessarily cover critical illnesses that you have a higher chance of being diagnosed with, which can make comparing policies a complicated matter.

Victoria Slade
Independent Protection Expert at Drewberry

Expert Critical Illness Insurance Advice

Using Our Critical Illness Cost Calculator

Robert Harvey, Independent Protection Expert at Drewberry

Use our quick and easy Critical Illness Cost Calculator along with our useful guides to find out for yourself how much you could be paying for financial protection.

If you are struggling to work out the best option for your circumstances then please  don’t hesitate to pop us a call on 📞 02084327333 or email help@drewberry.co.uk.

Robert Harvey
Independent Protection Expert at Drewberry

Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Level of Cover
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 02084327333
Our in-house Experts are here to provide FREE impartial advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

Frequently Asked Critical Illness Insurance Questions

 
We have just had our first child and have woken up to the fact I have no protection currently should...
 
My husband and I have just purchased our first home together and we are looking for critical illness...
 
I’m a keen cyclist and ride to work and home every day as well as going out on my bike at the weekend....
 
I’ve had a couple of medical conditions in the past and was wondering if i could still be eligible...
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