A guide to insuring against critical illness

Critical illness cover a form of insurance that helps to keep you and your dependants financially secure in the event of you being diagnosed with a terminal condition. If your illness is one that is covered by your provider then you will receive a lump sum, which is tax free.

Some life insurance policies come with critical illness cover included, which can be cheaper than buying both types of cover separately. Many life insurance providers allow you to add optional critical illness cover to your policy, or you can buy critical illness protection completely independently.

The number of types of critical illness cover available make things a little confusing, so you may find it helpful to seek out an independent financial adviser to help you decide if this type of policy is right for you, and to help you seek out the best cover possible.

With an independent financial adviser to help you, you will have access to their expert knowledge of policies. They will be able to sift through and compare policies for you, and let you know exactly what each policy covers and does not cover.

An adviser may also be able to help you decide how much cover you will need, whether you should combine life cover with critical illness cover, and what a suitable length for the policy would be.

If you already suffer from a critical illness, there is little point in taking out critical illness insurance, as no policy will cover you. Also, if you have already been to see a doctor about a health problem that becomes critical later, or have had tests for the condition, you may be refused cover.

It is important to remember that whenever you are applying for critical illness cover, you should answer all questions asked by the potential insurer fully and with complete honesty, as inaccurate answers given at application may result in a refusal of payment should you need to make a claim.

The cost of critical illness cover depends on a number of factors, including the type of policy, your age, the amount that you want the policy to pay out, and whether or not you are a smoker.

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Otha Isiminger has critical illness cover with Legal

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