Critical Illness Cover That Gives You Room to Recover
A serious illness can change everything overnight, including your ability to work. Critical illness cover pays a lump sum if you are diagnosed with one of the conditions your policy covers, giving you the financial breathing space to focus on getting better.
A Lump Sum When You Need It Most
Critical illness cover pays out a lump sum if you are diagnosed with a specified serious illness during the policy term and meet the insurer’s definition for that condition. The most commonly claimed-for conditions include cancer, heart attack and stroke, but policies typically cover a much wider range.
Unlike life insurance, critical illness cover is designed to pay out while you are still alive. That money can be used however you need: to reduce or clear your mortgage, cover bills while you are unable to work, adapt your home, pay for treatment or support, or let a partner take time off to care for you.
Survival rates for many serious illnesses have improved enormously, which is good news. It also means more people face a long recovery, with months of reduced or no income, and that is exactly the situation critical illness cover is built for.
Cover is usually arranged for a fixed term, often matched to the length of your mortgage. Premiums can be guaranteed, so they stay the same for the life of the policy, or reviewable, which means the insurer can change them in future. We will explain which applies before you commit.
Not All Policies Are the Same
Critical illness policies can look similar on the surface, but the detail matters.
Conditions covered
Definitions
Children's cover
Level or decreasing cover
Combined or standalone
We compare policies on the quality of their cover, not just the price, and explain the differences in plain English so you know what you are buying.
Cover That Reflects Your Real Finances
If you run your own business, a serious illness can affect more than your household income. It can put your business at risk too. As the sister company of Futurewise Accountancy, we understand how self-employed people and company directors are paid, and we can help you set a level of cover that reflects your real outgoings and commitments.
For company directors, cover can sometimes be arranged through the business, and some businesses also consider key person cover to protect against the loss of an essential director or employee. These options have tax implications, so we will involve Futurewise Accountancy or your own accountant before you decide.
If you already have some cover through your employer, we will check what it includes and how long it lasts, so any new policy fills the gaps rather than duplicating what you have.
Futurewise Finance does not give tax advice; tax advice is provided separately by Futurewise Accountancy or your own accountant.
Honest Answers, Reliable Cover
When you apply, the insurer will ask about your health, family medical history, lifestyle and occupation. The answers you give form the basis of the policy, so it is important they are complete and accurate. A claim can be reduced or declined if relevant information was not disclosed.
We guide you through the questions and explain why they matter. If you have an existing medical condition, we can help you understand how different insurers are likely to view it before you apply.
Once your policy is in place, we review it with you whenever your mortgage or circumstances change, so your cover keeps pace with your life.
Frequently Asked Questions
What is the difference between critical illness cover and income protection?
Critical illness cover pays a one-off lump sum on diagnosis of a specified illness. Income protection pays a monthly benefit if any illness or injury stops you working. Many people benefit from having both.
Can I get cover if I have a pre-existing condition?
Often, yes, although the insurer may exclude that condition or charge a higher premium. We can help you understand your options before you apply.
Should I combine critical illness and life cover?
A combined policy is usually cheaper, but it pays out only once. Separate policies cost more but can each pay out. We will explain which suits your situation.
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