Critical Illness Insurance
This is an insurance plan that is guaranteed to pay out a cash sum if you are unfortunately diagnosed as having one of the illnesses that falls into the Critical Illness category.
The plan's premiums can often alter during the life of the plan and it has no cash-in value at any time.
Some policies impose an age-limit on certain conditions which tend to strike late in life, such as Parkinson's, Over 120,000 people have Parkinson's Disease.
Heart disease and strokes are major killers of people in the UK one British adult dies from this condition every three minutes. More than 260,000 people suffer a heart attack every year only half survive.
In the UK today one in three people will contract cancer at some stage and more than one million people suffer from it at any one time. In women the most prevalent cancers are; breast, bowel and lung. For men these are; prostate, lung and bowel. About 85,000 people have Multiple Sclerosis, with 2,500 new diagnoses every year and 180,000 people are diagnosed as suffering from an Alzheimer's-type disease each year.
Many people will be lucky enough to have critical illness cover included in a policy offered as part of workplace benefits. Most insurers will provide critical illness cover for the following conditions and for fuller details on some of these conditions click here.
- Alzheimer's Disease (before age 60)
- Aorta graft surgery
- Benign brain tumour
- Coronary artery by-pass surgery
- Creutzfeldt-Jacob Disease
- Heart attack
- Heart valve replacement or repair
- HIV resulting from a physical assault
- HIV from blood transfusion
- HIV from occupational accident
- Kidney failure
- Loss of independent existence
- Loss of limbs
- Loss of speech
- Major organ transplant
- Motor neurone disease
- Multiple sclerosis
- Parkinson's Disease (before age 60)
- Pre-senile dementia
- Third degree burns
There are conditions attached to any claim for payouts on the illnesses mentioned and each policy will state these. It is important to be aware of any exclusions and to understand any terms mentioned. You will not receive a pay out if your claim is the result of a criminal act, in any way self inflicted, a result of drug abuse, riot, war or a civil commotion. You will need to be able to provide your insurers with medical evidence of your condition.