Critical illness cover

 

Helen, I think you are confusing it with private health insurance although your points are noted. I have been lucky in having private health care as part of my employment benefits and I can guarantee that it is a good thing to have. Difference between my doctor saying wait and see when I had a problem to "I'll send you to a specialist" when I told him I was covered!

Critical Health Cover is something that will pay out if you can't do your job through illness, so that they pay your mortgage and a salary, (dependant on contributions). 

It generally covers life assurance as well if the worse comes to the worst.

Have to say, there are some very knowlegable people on the forum, I am impressed!  

 

 

Edited by Malc London

don't get old,don't get ill in this country.

Emsy, check out the policy carefully and what it's designed to do.  Some critical illness policies only pay out a lump sum on diagnosis, some pay out a lump sum and if you haven't contracted anything within the life of the policy then you get a cash rebate when the policy ends, and some do (like Baggles has) income and mortgage protection.

If you're self employed (not sure what you do) then a permanent health insurance policy, that gaurantees your salary will only pay out a percentage of your earnings (cos they deem you don't need money to travel to work, and buy lunch, if you're not working) and also they assess your last 3 years accounts and pay you on that basis (so if you've opted to receive more money than you can justify you would have earned, they'll only pay you the equipvalent of what you earnt in the past, and any extra premium you've paid for the higher amount goes out the window).

Minefield or what!

a private health insurance policy is NOT the same as critical illness,  you can have one without the other !

 

 

 private  health insurance for example BUPA allows you if you need medical treatment to go to a private hospital, or see a consultant or to receive what is considered to be a better class of healthcare service  at a time which is more convenient to you, , the idea is you bypass the NHS waiting list and you go where you want when you want for the treatment you need, - your private health insurance then picks up the costs,

critical illness cover is a policy which pays out  a financial benefit if for example you are diagnosed with a life threatening illness which stops you potentially earning an income..say leukemia or cancer or say you became quadraplegic, if you were off work getting treatment or you became incapable of doing your current job due to this injury or illness then your critical illness will either give you a lump sum, maybe pay off your mortgage or even give you an income stream over the years whilst you get the treatment for your illness... your critical illness policy will specify what it covers,  and they vary alot, as do the premiums you pay....for example mine does not pay out if i get AIDS or if i end up unable to work as a result of drink or drug use, ( to me this is common sense ) but if i was diagnosed with parkinsons, or cancer or altzheimers or other life threatening conditions , or a condition which means i cant do my current job then they pay out !- i have the benefit of a 10 year income stream as well as my lump sum so that if i was having long term treatment for say cancer i could afford to maintain living at home and paying gas bills and stuff, they pay this for 10 years from the date of diagnosis.... ( i suppose if you survive for 10 years after the diagnosis of a life threatening illness you are grateful anyway !)

 

 if you really are thinking about this pop in and see chalfont investments/ chalfont insurance services in Gx they offer free  financial/ investment advice, yes ideally they will suggest schemes they are agents for it does no harm to go and listen.....

 

the chances are you will need a full medical even as a younster if you take out a criticall illness policy, they also check your immediate families health records to see if there is illness in the family that may be passed down... they check everything ! - so be prepared to be prodded poked and examined !

Edited by big baggles

To be honest the best thing to do is contact an Independent Financial Adviser (IFA). They will then complete something called a Fact Find which will go through everything about you from your name/address and date of birth through debts, current life cover pensions etc and they will then discuss with you what you see as a priority in terms of cover, mortgage pension etc. They will then search the whole market and give you a competitive quote.