What does critical illness insurance cover?

I’ve just taken out a mortgage and think I could do with some insurance to pay the rest of the mortgage if i’m to become ill. I’ve heard of Critical Illness, what is it and what does it cover?

Question asked by Gemma Boughey
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Answered by Andrew Jenkinson

Critical Illness Cover is an insurance which pays out a tax-free lump sum if you are diagnosed with one of a range of conditions (between 30-50 medical conditions depending on the insurer). These conditions vary from insurer to insurer and are defined in the policy documentation but there are seven core conditions that are covered by most critical illness policies which are cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke.

Insurance, known as Serious Illness Cover, is available from PruProtect which covers a much wider range of illnesses (100 conditions or 161 with comprehensive cover). However whereas critical illness insurance always pays out 100% of the amount assured the payout from serious illness insurance depends on the severity of the condition and can range from 10% to 100%.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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