Critical Illness Cover Information

The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse. The policy may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Key Features and Policy Documents.

What is critical illness cover?

Critical Illness Cover is a type of insurance policy that protects you financially should you be unfortunately struck down with a critical illness. The pay out usually occurs as a tax free lump sum to replace your income while you can not work and cover your monthly expenses, mortgage, bills and living costs.  You will need to work out how much you would need to cover to finance your lifestyle should a critical illness result including bills, mortgage payments, rents and loan payments.

This cover can cover up to 40 to 50 different medical conditions that could result and the list of these will be detailed in the policy.  Some policies also cover your children should they suffer from an unfortunate critical illness.

WPP Financial Services, Rochester, Medway, Kent, could help with this.

Critical illness can be taken out with level cover and decreasing cover.  Level cover means that you cover a set amount for a set term length and the amount that is covered and the amount you pay in premiums will always remain the same for the policy length.

Level cover can be used to retain your salary, new health and living costs, mortgage or rent payments and other costs such as childcare.  There is also an option to make your cover amount increase in line with inflation so it matches the rise inflation but as well as your cover the premium payments will increase.

Decreasing cover can be used to help pay off a repayment mortgage or loans.  This will have a set term and for a set amount of time, the monthly premiums are fixed but usually less than level cover, as the value of the repayment mortgage you will need to pay off decreases over time.

Critical illness cover pays out a tax-free lump sum if you’re diagnosed with an insured medical condition during the term of your policy and is not the same as life insurance which gives money to named people should you pass away.

This cover can be added to a life insurance policy or may be included in the terms.

Critical Illness Cover Information

The conditions covered by critical illness often include heart attacks, strokes and some cancers but rarely cover organ failures, organ transplants and Parkinson’s.  Critical illness insurance does not cover every type of illness and you will need to check your policy details carefully for these that are covered and for how ill you need to be before a claim.  Normally you will need to be extremely ill or totally disabled.  Quite often a policy will not cover illnesses that you are very high risk for e.g. for those that have a strong family history.

When taking out critical illness cover insurers will consider your health and medical history, your occupation, and your lifestyle habits to work out how at risk you are of becoming ill.  The level of cover you require will also affect your premiums.

What you must tell your insurer before you take out critical illness insurance.  You will need to give your insurer full details of yourself, your own lifestyle and occupation and medical history and your family’s medical history. If any of this is inaccurate and you go to make a claim later, the insurer could refuse to pay out.  Even if you have a pre-existing medical condition, be clear in the details for this as we can look for an insurer that will be prepared to cover it.  This often does mean that you have a pay more in premiums to take out the policy. 

If you prefer not to discuss personal or sensitive information with us when we sell you the policy, we can arrange it so that you send the information directly to the insurer’s medical officer.

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These types of plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.

Your home may be repossessed if you do not keep up repayments on your mortgage

You may be offered critical illness insurance when you take out a mortgage and often the same lender will try to offer this but do . However, it’s likely that the policy you are offered will be run by your mortgage lender too; this is not always the one that is cheapest and best suited to your needs. We can give you information on the variety of products available.

Before you consider if you really need critical illness insurance you should check that you do not already have illness insurance in any other insurance policies you have e.g. life insurance and that your mortgage does not cover you for serious illness as then you will be taking out this product unnecessarily.  You should also check with your empolyer to see if you have any benefits offered that pay out if you can’t work because of ill-health or disability.  You might also have enough in savings that you could use to pay off the mortgage and sustain your lifestyles instead of insurance.

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