Critical Illness Cover

Critical Illness Cover F.A.Q

• Can I include my children in a Critical Illness Policy ? While it is always best to check with your insurer first, most insurers will include children up to a certain age in your policy. You also have the option of taking out a policy specifically for your child.
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• How long am I likely to be covered for ? This is agreed by you when you take out the policy and usually depends on a couple of factors. Those wishing to cover the cost of a mortgage for example may tie the term to the remaining years on a mortgage account, while others cover themselves until retirement.
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• Can you continue working after a claim ? Once the insurer has agreed your claim and it has been settled you can return to work once you are fit and well.
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• What factors can affect my premium ? Several factors are taken into account when deciding your insurance premium. These include your age, gender, weight, whether you are a smoker, as well as the medical history of your family and any existing illnesses or underlying conditions you may have, or have had in the past.
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• What does a critical illness policy cover ? Critical illness cover is a policy that will pay benefits should you be diagnosed with a set of illnesses or injuries, as outlined by the insurer. These illnesses usually include cancer, heart disease, stroke, multiple sclerosis, major organ transplant or failure, head trauma, and paralysis. Coverage may be expanded depending on the insurer, and each insurer usually has a plethora of exclusions as well.
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• How can I buy a critical illness cover ? You can purchase a critical illness cover directly with an insurance company. However, you can also purchase coverage through an independent financial advisor (IFA). Buying a policy through an IFA gives you more protection if something goes wrong with a claim in the future. An ombudsman intervention can work to your benefit through the wrong or inappropriate actions of a financial advisor.
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• I’ve already been diagnosed with multiple sclerosis.
  Will that be covered if I apply ? Not likely. Insurance companies could not possibly stay in business if people discovered they were ill and then attempted to obtain immediate insurance and payout. Subsequently, pre-existing conditions are usually excluded from coverage. The same applies for heart disease, gynaecological issues, and other types of conditions that could eventually lead to serious illness. In this instance, you may be eligible for a critical illness policy that would cover other types of illnesses, but MS would be excluded from your policy.
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• What is excluded from a critical illness cover ? A critical illness cover will typically help people who legitimately develop serious illness or injury. However, non-invasive or non life-threatening illnesses are usually excluded. An example would be an early detection of a non-malignant lump in the breast. Although it is considered cancer, it can still be treated immediately, and the patient can fully recover.
  Other exclusions in most policies include aviation injuries, injuries resulting from criminal acts, drug abuse, failure to follow medical advice, hazardous sports or activities, HIV/AIDS, self-inflicted injury, and war or civil commotion.
  The details and fine print of a critical illness cover vary depending upon the insurance company. It is important to carefully evaluate your needs and individual circumstance before choosing the right critical illness cover for you.
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