Critical Illness Cover

Critical illness cover, also known as critical illness insurance, is an insurance policy that provides protection for a wide range of serious illnesses or injuries. It gives peace of mind to the policyholder, as, should they be diagnosed with a covered illness, they will generally receive a one-off, tax-free lump sum payment.

Alexandra Bonnar
Alexandra Bonnar
21/11/2023
Ivan is excellent! Very helpful, dedicated to his work and goes the extra mile.
The Mabbutts
The Mabbutts
04/09/2023
Ivan has provided us with outstanding service. He has gone above and beyond what we expected. He helped us with our mortgage when moving house. We will be returning every time our mortgage is up for renewal.
Daniel Fardell
Daniel Fardell
10/05/2023
All round great service & results from Ivan. Extremely knowledgeable, very approachable & always has his clients best interests at heart.
Antonio Banderes
Antonio Banderes
26/04/2023
Great to work with, felt like we were thier top priority. Communication and availability 5/5
Lee Wigglesworth
Lee Wigglesworth
19/04/2023
I highly recommend Ivan at Elementary Mortgage Solutions. He was very helpful, always talking me through things I was unsure about putting my mind at ease. He helped me through a time length of 18 months and was always easy to get hold of and quick to reply if ever I needed him.
Dean Warsop
Dean Warsop
10/03/2023
My mortgage application went as smoothly as it could with the help of Ivan who went above and beyond with his time and efforts to get it sorted as soon as possible. Everything he did was explained in terms I could understand and he was never more than a phone call away to answer any questions we had. I couldn’t recommend Ivan highly enough and have passed his details to numerous friends. All I can add is my gratitude to Ivan for his hard work and being available every step of the way. A fantastic man and very good at what he does. Many thanks again
Robyn Kirk
Robyn Kirk
04/01/2023
We didn't have the easiest circumstances however ivan was very honest with us from the beginning. He outlined a number of options for us and when the time came for us to apply for a mortgage the process was easy and stress free due to ivan's brilliant communication and transparency. We couldn't thank ivan enough because he made it possible for us to get our first home.
Andrew Littlewood
Andrew Littlewood
03/01/2023
Brilliant advice and products from Ivan as always I won’t go anywhere else .
Steph Lonergan
Steph Lonergan
22/12/2022
Would highly recommend using Elementary Mortgage Solutions. Done amazing at finding us the best mortgage for our new home. Very helpful and always available if need to ask any questions, worth every penny.
Will Shaw
Will Shaw
20/12/2022
Ivan was absolutely amazing from start to finish. We had a few set backs on our side of things due a global pandemic and then several houses falling trough but he never gave up, he kept going for us and kept us updated regularly and we have now finally got the keys to our very first home just intime for Christmas. He made the whole process a breeze sorted all our insurance's out for us so we had the right cover at the right budget. Honestly 5 stars doesn't even come close wouldn't hesitate to recommend him and Elementary Mortgage Solutions to anyone.

Need advice on mortgage protection products? Contact our team today

What is Critical Illness Cover

Critical illness policies cover a list of serious illnesses or injuries that could potentially be life-changing. Different policies will cover different conditions, and you, therefore, need to thoroughly review the policy details to ensure it meets your needs.

Critical illness cover should not be confused with life insurance, although these types of insurance product are often sold together. Many life insurance providers will include critical illness cover as an add on to their life insurance policies, and in some instances, it may be included as standard.

Do You Need Critical Illness Cover

Whether critical illness cover is a suitable insurance policy for you will depend on your individual circumstances. The Government does provide benefits should you become ill or injured and are unable to work.

If you are employed, then you may be able to claim Statutory Sick Pay (SSP), through your employer. Currently, SSP pays £95.85 per week (August 2020) for a 28 week period.

If you are unable to return to work after the 28 weeks have elapsed, then you may be entitled to claim other benefits such as Employment and Support Allowance (ESA), Universal Credit or Personal Independence Payments (PIP).

Benefits alone are unlikely to be sufficient to replace most peoples income, and this is where critical illness insurance comes in.

The choice to take out any type of insurance ultimately sits with the individual. If you do decide that critical illness cover is right for you, then you need to review the different policies available and be aware of what is and isn’t included.

You may also want to consider income protection insurance, which may cost a little more, but provides a regular monthly income rather than a one-off lump sum payment.

If you don’t feel state benefits will be sufficient to cover your regular outgoings, or, you would prefer the peace of mind an insurance policy offers then Income Protection may be for you.

What's Covered

Each policy will be different, so it’s essential to read the details before committing. Typically, critical illness cover will pay out a tax-free lump sum if you suffer one of the injuries or illnesses listed in the policy. Some policies may payout different amounts based on the severity of the illness or injury.

Cover for children is often also included in critical illness policies which can be an advantage for parents.

Examples of critical conditions that may be covered include;

  • Some Types of Cancer
  • Heart Attacks/Strokes
  • Loss of Sight
  • Organ Transplants
  • Lung Disease
  • Loss of Speech
  • Deafness
  • Multiple Sclerosis

What Isn't Covered

The insurer will provide details of policy exclusions. Many conditions will need to meet a specified severity before the policy will payout, and the diagnosis of the condition will need to be made by a specialist in the field.

Critical illness cover doesn’t pay out on the policyholder’s death, and most policies will exclude pre-existing conditions.

How Much Does it Cost?

The cost of critical illness insurance will vary from person to person as insurers take into account details of the individual to determine a price. Age is the most significant factor so expect to pay more the older you are.

Factors affecting the cost of critical illness include;

  • Your Age
  • Pre-existing medical conditions
  • Your current health and lifestyle (areas such as smoking and alcohol consumption)
  • The terms of the policy
  • Personal circumstances (such as your job)
  • Family medical history

Summary

Critical illness cover helps provide financial security should you be unable to work due to illness or injury. If you were unable to earn money and the support available from the Government isn’t enough to meet your current outgoings, then this type of insurance may be right for you.

At Elementary Mortgage Solutions, we work with a broad panel of insurers. Our experts will assess your situation and suggest the most suitable policies for you based on your personal circumstances.

If you’d like to discuss critical illness cover or any other kind of insurance, please contact our team.