Regarding life insurance, a critical illness refers to a life-changing, but not terminal, illness that can leave you unable to work.
These mostly include but aren’t limited to, the conditions listed above.
When diagnosed with a serious illness you may need to:
- Make adpations to your home
- Pay for a carer
- Pay for private medical treatment
A critical illness pay out can provide the funds to cover these expenses, as well as covering your lost income.
The most common illnesses covered by critical illness cover include:
A stroke is when the blood supply to the brain is cut off, causing serious damage.
There are more than 100,000 strokes each year in the UK, (roughly one stroke every 5 minutes).
Statistics also show that people of working age are 3x more likely to be unemployed 8 years after their stroke.
This highlights the need to have protection in place to cover any lost income if you’re left unable to work.
In the UK more than 100,000 hospital admissions per year are due to heart attack.
Following a heart attack, you may need a period of cardiac rehabilitation which could require you to take time off of work.
A critical illness pay out could help to cover your family’s living costs during this time.
From 2015 - 2017 there were 367,167 cases of cancer in the UK.
Statistics show that 50% of cancer patients survive the disease for 10 years or more.
During this time, you may need to take time off of work and pay for private medical treatment – a pay out from critical illness cover could help fund this.
It’s important to be aware that each insurer will have a different list of illnesses covered under their critical illness cover.
Each insurer will also have different definitions of each illness so you need to be aware of exactly what you’re covered for.
It’s important to shop around to find the most comprehensive cover, for a price that’s right for you.
At Reassured we can compare quotes on your behalf from the UK’s leading providers to find the right cover for you.