Critical illness cover is a policy that provides protection in the event of a person being diagnosed with one of around 30-45 conditions. All critical illness policies have to cover heart attack, cancer and stroke but they also cover other conditions such as dementia, loss of limbs and blindness.
Critical Illness cover differs from life cover. A life policy pays out if you die, whereas a Critical Illness policy pays out subject to medical confirmation of you suffering but surviving an illness such as a heart attack.
Cover and definitions can vary from provider to provider however conditions normally include:
Alzheimer’s disease, aorta graft surgery, aplastic anaemia, bacterial meningitis, benign brain tumour, blindness, cardiac arrest, cancer, cardiomyopathy, coma, coronary artery by-pass grafts, Creutzfeldt-Jakob Disease (CJD), deafness, dementia, encephalitis, heart attack, heart valve replacement or repair, HIV infection, kidney failure, liver failure, loss of hand or foot, loss of speech, major organ transplant, motor neurone disease. multiple sclerosis, multiple system atrophy, open heart surgery, paralysis of a limb, Parkinson’s disease, primary pulmonary hypertension, progressive supranuclear palsy, removal of an eyeball, respiratory failure, spinal stroke, stroke, systemic lupus erythematosus, third degree burns, traumatic brain injury
As with Life Assurance it is possible to take out the policy on a Level Basis or a Decreasing Basis. It is possible to include critical illness cover within a Life Assurance Policy.
Although you can take out the policy at the same time as your mortgage it can also be taken out for family protection. The policy isn’t tied to your mortgage so you can use the money for anything you wish.
To discuss which would be best suited to your situation please ring us on 0161 706 0242 or complete and send the Contact Us Form for a personal illustration.
Manchester Mortgages is a trading name of Mortgages 4U (North West ) Limited which is authorised and regulated by the Financial Conduct Authority (FCA register number 301076). Registered in England & Wales No. 4729252. Registered office: 7 Randale Drive, Bury, BL9 8HZ.
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