Critical Illness

Critical illness cover can be taken out as a stand alone policy, or you also have the option to add life insurance for what is generally a small additional cost. It would be prudent to add life insurance to ensure that you are covered in the event of serious illness or you passing away.

A critical illness policy will pay out a tax fee lump sum in the event that you suffer one of the named illnesses on the plan, which can vary from insurer to insurer.

The main conditions that people claim for are:

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Cancer

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Heart attack

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Stroke

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Multiple Sclerosis

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Coronary artery by-pass grafts

Typical critical illness insurance policies cover around 75 conditions, with a number of these conditions offering partial payouts depending on the severity of the condition. One insurer offers a comprehensive serious illness plan that covers 182 conditions.

The illnesses and conditions covered on each policy vary and are all clearly stated on each insurers key facts and policy documents.

Many policies offer add ons and upgrade options to the plans which can make each policy more comprehensive, but also add to the cost, so it is imperative that you receive professional advice to help you select the most suitable policy for you.

A policy can be taken out to cover a mortgage, or if you only receive limited benefits through your employer or you are self employed, you can look at level lump sum cover to pay out in the event of a serious illness. This would provide you with a tax free sum to cover your loss of earnings for a period of time.

Once we have agreed on the best policy to suit your needs, we submit the application to the insurer, have it processed, underwritten and accepted as quickly as possible to ensure that you are well protected.

If you have had a serious illness in the past or have a family history of a serious condition, please speak to the team at West End Mortgages. We have direct access to underwriters at many of the largest insurers and can enquire on your behalf to understand the options that may be open to you and also get an indication of what terms the insurer may be able to offer you.

We only advise on comprehensive critical illness policies to ensure the best chance of you receiving a payout by making sure the insurers that we use confirm to the Association of British Insurers (ABI) standards for qualifying illness, with some even offering ABI + to improve the definitions used for the conditions covered.

At West End Mortgages we will provide you with sound professional advice, we will search the whole of the market on your behalf and recommend the most appropriate policy for you. The policy terms will be explained in a clear way so that you have a full understanding of the policy, and what it will cover you for.