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Don't be left in the dark anymore.
We Can Search Thousands Of Critical Illness Cover Deals
The Journey to Protecting What Matters Most
Initial
Meeting
Let’s grab a coffee (or a Zoom). This is where we get to know you, your concerns, and your protection goals. Think of it as a relaxed chat to set you on the right path to financial security. You talk, we listen!
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We’ll craft an insurance plan tailored to your needs, complete with all the suitable options. We’re like your personal insurance matchmaker, finding the best deal to make protecting what matter most easy.
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Leave the paperwork, provider chasing, and all the heavy lifting to us. All you need to do is sit back and relax while we make it happen behind the scenes. Our award-winning insurance team is available 7-days a week.
You Are
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Your new insurance is set up, and it’s time to pop the bubbly! Like all our 5-star customers, you are now financially protected should the worst happen.
“Going above and beyond is what we do; we LOVE our job, and most of all, we LOVE helping our clients.”
If you need any form of critical illness cover, make an appointment with one of our advisors today. We aim to make protecting your family as easy as possible.
Different Types of Citical Illness Cover
Level critical illness cover is where the insurance company pays out a fixed lump sum if the policyholder were to become critically ill, such as getting cancer, having a heart attack or stroke, within the term agreed. This type of cover offers security that you can receive a specific sum, which can help you all plan for a time when you’re no longer around. We see many clients taking a policy out to cover till maybe retirement, children’s ages, and even sometimes to cover liabilities if they don’t want a decreasing plan.
Decreasing critical illness cover is a type of insurance designed to protect you from the financial impact of a serious illness, particularly when you have a significant debt such as a mortgage or loan. As the name suggests, the cover amount decreases over time, typically in line with the outstanding balance of your debt.
Here’s how it works
Debt Protection: The primary purpose of decreasing critical illness cover is to ensure that if you are diagnosed with a critical illness, the policy will pay out a lump sum to help pay off or reduce your remaining debt, such as a mortgage or loan. This prevents your loved ones from inheriting this financial burden.
Cover Amount: The amount of cover reduces over the policy’s term. For example, if you take out a policy for £100,000 over 30 years, the cover amount will decrease each year, aligning with the reduced balance of a typical repayment mortgage.
Policy Term: The term of the policy is generally set to match the length of your debt. If your mortgage is for 30 years, your decreasing critical illness cover would also be for 30 years. This ensures that the cover amount matches your outstanding debt throughout the term.
Premiums: Premiums for decreasing critical illness cover are often lower than those for level cover (where the cover amount stays the same throughout the policy term) because the risk to the insurer decreases over time as the cover amount reduces.
Increasing critical illness cover is a type of insurance policy designed to provide protection if you are diagnosed with a critical illness, with the added feature that the cover amount increases over time. This type of coverage is beneficial for keeping up with inflation and ensuring that the payout remains adequate as living costs and financial obligations grow.
Protection Against Inflation: The primary purpose of increasing critical illness coverage is to ensure that the value of the insurance payout maintains its purchasing power over time. As the cost of living and expenses increase, the cover amount increases, usually in line with inflation or by a fixed percentage annually.
Cover Amount: Unlike decreasing critical illness cover, the cover amount in an increasing policy grows over time. For instance, if you start with a cover amount of £100,000, this amount will gradually increase each year according to the terms set out in the policy.
Policy Term: The length of the policy is set when you take it out, similar to other insurance policies. Depending on your needs and circumstances, this term could range from a few years to several decades.
Premiums: Premiums for increasing critical illness cover tend to be higher than those for a level or decreasing cover because the risk to the insurer increases as the cover amount increases over time. The premiums might also increase annually in line with the increase in cover amount.
Policy Features: Some policies allow you to choose how the cover amount increases, either by a fixed rate (e.g., 5% per year) or in line with an inflation index such as the Retail Prices Index (RPI).
Critical illness cover for children is an optional add-on to or rider to a parent’s critical illness insurance policy. It offers financial protection for the policyholder’s children. If the policyholder’s children are diagnosed with any of the specified critical illnesses, this cover pays out a lump sum that can alleviate the related financial strain on the family.
One key advantage of taking children’s critical illness cover is that it provides financial assistance to parents. These expenses could include medical treatments not covered by the NHS, travel costs to and from hospitals, or modifications made at home to accommodate a child’s changing needs. This stepping stone assists parents as they engage themselves with their child’s recovery process, considering what he/she has been through.
Furthermore, coverage for serious illnesses like cancer, organ failure, and severe burns is common in most policies in this line, thereby giving parents peace of mind. Realizing that there is a safety net helps reduce stress levels, enabling them to focus more on ensuring their child’s welfare. It often covers different types of serious diseases like cancer, cases where organs fail, and even severe burns, thus including all major conditions.
Most policies charge additional premiums when covering critical illnesses among young people, but these rates are relatively low compared to alternatives available in their general scope. Some policies automatically incorporate minimum-level care for children. In contrast, others have it as an option, meaning it should be decided upon by policyholders alone if they want it. Parents should, therefore, review the terms and conditions of a policy so that they can understand how much coverage is provided and any limitations or exclusions attached.
In conclusion, this extension provides important financial support and peace of mind to families experiencing serious childhood disease diagnosis under the Adult Critical Illness Policy. The payout aids families in dealing with such charges as they concentrate on their kids’ health issues and the general recovery process from such ailments by ensuring that such payments are made just once each time, thus preventing any possible wastage of the given amount.
Standard critical illness plans are insurance policies made to provide financial protection when someone is diagnosed with a severe illness. These plans, upon diagnosis of certain critical illnesses, give out a lump sum that the insured person can use for anything they want, usually the payment of medical bills, among other things.
A typical feature of standard critical illness plans is covering specific diseases. For example, some commonly covered conditions may include cancer, stroke, and heart attack. These illnesses are listed differently depending on an insurer; nevertheless, it should be noted that the most expensive diseases likely to affect one’s ability to work will always find their way into this list.
The lump sum received from these policies can be spent at the policyholder’s discretion. This means that there’s no restriction on what you use your money for once it has been paid out, so if you don’t want all those pounds going towards hospital treatment, then feel free not only to splurge on private healthcare but also home alterations or even mortgage repayments should any need arise during recovery time etcetera. The importance of this support cannot be underestimated because it does away with worries about how to survive financially after falling seriously ill.
Upgraded critical illness plans are standard versions of critical illness insurance policies that have been upgraded to offer wider, all-around protection. They are meant to give more financial security and peace of mind by including extra benefits, covering a larger number of conditions, and offering higher payout amounts.
One main feature which sets this type of policy apart from others is its inclusion of a wide range of diseases. Usually, basic plans cover major illnesses such as cancer, heart attack or stroke, but with an upgraded plan, one can get coverage even for less common ailments and early stages of sickness. This extension ensures that individuals who hold these policies are safeguarded against many more health problems, increasing their chances of compensation.
Also, payouts under better plans may be higher or multiple in nature. For instance, some schemes give out part payment upon early diagnosis, while for later stages, the full amount is paid. This step-by-step method allows customers to receive financial assistance at different times during illness, which can help pay ongoing medical bills and keep them afloat financially as they recover.
Additional benefits may be added to the upgraded critical illness plan itself. These may include, among other things, children’s critical illness cover, where a lump sum will be given if your child is diagnosed with one. Other benefits could include access to specialized medical advice, rehabilitation support, or even lifestyle management programs aimed at facilitating recovery and improving the overall quality of life after surviving such a traumatic experience.
Finally, another advantage associated with upgrading these policies is that they can be amended over time to meet evolving needs. Some insurers provide options for increasing sums assured or introducing new features when necessary as one grows older, thereby ensuring continued relevance and effectiveness throughout the life span.
In conclusion, enhanced critical illness policies offer wider scope and greater flexibility than standard ones; this is achieved through extending the list of ailments covered, higher payouts, multiple payments, and additional advantages such as children’s coverage. Therefore, it would be prudent for a person buying an upgrade policy to consider their individual situation carefully in order to get maximum protection.
Joint critical illness cover is an insurance policy providing financial protection for two individuals, typically couples, under a single plan. This policy pays out a lump sum if either person is diagnosed with a specified critical illness during the policy term. It is designed to help cover medical expenses, pay off debts, or provide financial support during serious illness.
One of the main advantages of joint critical illness cover is its cost-effectiveness. Purchasing a joint policy is often cheaper than buying two separate individual policies. This makes it an attractive option for couples seeking financial protection without incurring the higher costs associated with multiple policies. Another significant benefit is the convenience of managing a single policy for both individuals.
The coverage provided by a joint critical illness policy is typically structured to pay out once upon the first diagnosis of a critical illness affecting either person covered. After this payout, the policy usually terminates. Therefore, it’s important to consider that while joint policies offer a cost-effective solution, they provide only one payout, which might be a limitation if both individuals wish to be covered separately for future claims.
Why Use Protex Financial For Critical Illness Cover?
Here at Protex Financial, we strive to focus only on you; this is why we can offer the best range of critical illness cover advice with access to thousands of products the insurance market offers. Our critical illness cover brokers can search thousands of products to ensure you are getting the most suitable deal you can possibly get.
The FCA, the Financial Conduct Authority, regulates our team at Protex Financial. This means everything we do is for you; we must offer you the leading and most suitable critical illness cover options, rates, and advice.
Frequently Asked Questions
Critical illness cover is a type of insurance policy that provides a lump sum payment if the policyholder is diagnosed with a specified critical/serious illness. This cover offers financial support during a challenging time, helping to alleviate the monetary burden associated with medical treatments, recovery, and other related expenses.
Here are the key aspects of critical illness cover:
Coverage of Specified Illnesses: The policy covers a predefined list of critical illnesses, which typically includes conditions like cancer, heart attack, stroke, and multiple sclerosis. The exact list of covered illnesses can vary between insurance providers, so policyholders need to review the terms and conditions to understand what is included.
Lump Sum Payment: Upon diagnosis of a covered illness, the policyholder receives a one-time payment. This payout can be used at the policyholder’s discretion, whether for medical expenses, mortgage payments, home modifications, or everyday living costs during illness and recovery.
Policy Term: Critical illness cover is usually taken out for a specific term, which could range from a few years to several decades. The term often coincides with significant financial obligations, such as the duration of a mortgage.
Premiums: The cost of critical illness cover premiums depends on various factors, including the policyholder’s age, health, lifestyle, occupation, and the amount of coverage chosen. Generally, younger and healthier individuals can secure lower premiums.
Peace of Mind: Critical illness cover can provide policyholders with significant peace of mind. Knowing that they have financial protection in place should they be diagnosed with a serious illness allows them to focus on their health and recovery without the added stress of financial worries.
Exclusions and Limitations: Like all insurance policies, critical illness coverage has exclusions and limitations. For example, certain pre-existing conditions may not be covered, and specific criteria may need to be met for a claim to be valid. It’s crucial for policyholders to thoroughly understand these terms to avoid any surprises when making a claim.
In summary, critical illness cover is a valuable form of insurance that provides financial support when diagnosed with a serious illness. Offering a lump sum payout helps policyholders manage the financial impact of their condition, allowing them to concentrate on their treatment and recovery.
Deciding on how much critical illness cover you should buy depends on your personal financial situation and future obligations. Work out what you owe in debts like mortgages, loans or credit card balances to ensure they’re taken care of. Also think about possible medical bills which aren’t covered by the NHS or private health insurance, as well as your everyday living costs and the need for income replacement if sickness prevents employment. Making sure that this amount matches all these financial needs will safeguard against any instability in money matters during a severe illness phase.
Another area worth considering is one’s long-term financial goals such as saving up for children’s education or retirement; therefore review existing savings and emergency-use assets too. You might also want to take into account inflation when thinking about how much things could cost in future years – especially with regards to living expenses and medical fees. It may be helpful to get advice from an adviser who can help work out what level would be best suited under critical illness cover given individual circumstances.
If you have people who rely on you financially, large debts or a high-cost lifestyle that would be difficult to maintain if you were seriously ill, it may be worth considering critical illness cover. The following are some of the key points in time where getting critical illness cover might be considered…
Entering into Significant Financial Commitments: Critical illness cover can help ensure that such debts as mortgages and huge loans are paid off should anything happen to one’s health and ability to work.
Starting A Family: Having children or any other person dependent on you would mean that the breadwinner needs this coverage so as not to leave their family struggling with bills like rent/mortgage fees, education expenses, etc., due to them being diagnosed with an incurable disease.
In general, it is advisable for people to purchase critical illness cover at early stages when they are still young and healthy since this move attracts lower premiums and minimizes the chances of excluding pre-existing conditions from future treatments.
Yes, that’s true. Many critical illness policies can be modified to consider new events in your life, such as marriage, children’s birth, or the purchase of a house. You should check them from time to time to make sure they still fit your requirements.
Total Permanent Disability (TPD) cover is a type of insurance policy that provides financial protection in the event that the insured person becomes permanently disabled and is unable to work in any capacity. Here are the key points about TPD cover:
Definition of Permanent Disability: TPD is typically defined as a disability that prevents the insured person from ever working again in their usual occupation or any occupation for which they are suited by education, training, or experience.
Policy Payout: If the insured person meets the criteria for total and permanent disability, the policy pays out a lump sum. This payout can be used to cover medical expenses, rehabilitation costs, modifications to the home, ongoing living expenses, and any other financial needs.
Types of TPD Definitions:
- Own Occupation: The policy pays out if the insured cannot work in their specific occupation.
- Any Occupation: The policy pays out if the insured cannot work in any occupation for which they are reasonably qualified.
Eligibility and Exclusions: Policies often have specific criteria that must be met to qualify for the payout. There may also be exclusions for pre-existing conditions or injuries sustained through certain activities or behaviours.
Premiums: Premiums for TPD cover can vary based on factors such as the insured’s age, occupation, health status, and the chosen level of cover. Own occupation policies generally have higher premiums compared to any occupation policies due to the higher likelihood of a claim.
Picking the proper critical illness cover cover policy depends on your situation, financial position, and objectives for the future. Our critical illness cover advisors will evaluate what you require and advise which policies would be best for you, taking into account variables like coverage sum, term duration, and other perks.
Yes, you can get insurance even if you have pre-existing medical conditions, although there are many things to think about and steps that you may need to take.
Underwriting Process: Insurers evaluate your health by underwriting, which can involve filling out a medical questionnaire or even taking a medical examination; the amount charged as a premium and the extent of coverage available are based on the severity and type of disease identified during this stage.
Possible Outcomes: Depending on what kind of illness someone has, they might be subjected to paying more money each month than healthy individuals would or they could be barred from benefits altogether; still, many companies offer policies specifically designed for people with bad health.
Generally, critical illness cover costs are based on the sum assured, policy term, and whether it’s level, increasing or decreasing cover. Your personal circumstances come into account also, such as your age, medical history, and so on.
Yes, your business could pay for your critical illness cover, but there are important considerations regarding this type of policy, its tax implications, and the benefits involved.