Minimise the financial impact
of being too ill to return to work
and secure your family’s finances

Critical illness cover is a type of insurance policy which pays out if you’re diagnosed with certain illnesses or conditions, which are likely to prevent you from continuing work.

If you’re diagnosed with one of the conditions covered by the critical illness policy, you’ll receive a tax-free lump-sum payment. The purpose of the payment is to help you pay for treatment and essential costs, such as medical expenses, property adaptions and your mortgage. However, you’re free to spend the money as you see fit.

Policies may differ on what conditions are covered by critical illness cover. The most common conditions that are usually covered include, but are not limited to:

• Cancer
• Heart attack
• Stroke
• Traumatic head injuries

• Multiple Sclerosis
• Parkinson’s Disease

This type of insurance is different from life insurance or health insurance. Life insurance usually pays out to assigned beneficiaries if you pass away, whereas health insurance usually covers the cost of medical expenses but not ongoing living costs. 

Critical illness cover is potentially a complicated product with multiple considerations. Some of the key considerations are:

• Eligibility criteria on certain products, including age restrictions and restrictions regarding existing medical conditions.
• Ensuring existing conditions are accurately and fully disclosed.

• Understanding how a policy works and what isn’t covered, such as certain conditions not included.
• Understanding claim processes and waiting periods.
• Personalising cover to your situation and medical background. Many people don’t realise the possibility of personalised critical illness cover.

The UK Government’s Money Helper website states that critical illness cover:

“[…] is a potentially complicated product […] The best way to get what you need is to get advice from an independent financial adviser or specialist broker”.

This is sound advice considering the potential complexity of critical illness cover. Those who take out critical illness cover without receiving professional advice could end up securing cover that doesn’t meet their needs, leading to problems if they do need to make a claim.

Taylor James provides a 100% bespoke critical illness cover brokerage service. Our financial advisers consider your exact circumstances and preferences to find the most suitable and advantageous critical illness cover options.

Speak with a member of our insurance team today to start your search with confidence.