Critical Illness

Critical Illness

Critical Illness Insurance
Critical illness cover provides a lump sum payment should you suffer a critical illness such as heart attack, cancer or stroke. Most policies cover over 40 critical illnesses, all of which are defined within the insurer’s terms.
What is Critical Illness Cover?
• Critical Illness Cover pays out a lump sum if you’re diagnosed with one of the critical illnesses defined by the policy.
• The most common claims on these policies are for cancer, heart attacks and strokes.
• Critical Illness Cover can encompass as many as 100 conditions, but the typical number is around 40 (although policies with 10 or fewer conditions exist in the market).
• Critical Illness Insurance is usually bundled with Life Insurance; buying standalone Critical Illness Cover may not work out as cost-effective as buying combined cover.

Getting the Best Cover
When we’re asked what is the best critical illness cover, there’s no simple answer.  That’s because it requires a unique response for every individual client.  Insurers specialise in different risk areas and the best Critical Illness Insurance for you will not necessarily be the same as for anyone else.  This is why we offer a full consultation and make recommendations based on your needs and circumstances.

The best known providers in the UK
Below is a list of the best known UK Critical Illness Insurance providers, some are household names where others are more specialist
•  AIG
•  Aviva
• Guardian 
• Legal & General
• Liverpool Victoria
• Royal London
• Scottish Widows

Each insurer has their own definitions of the various critical illnesses they cover.  Fortunately, we have a tool to compare each illness definition side-by-side for both current and legacy critical illness plans to ensure you are able to make an informed decision when it comes to your own cover.
 
Key policy factors to consider
Although no two policies are the same, there are still a number of factors to look for that can help to determine the quality of a policy, such as:
• Percentage of claims paid
The proportion of successful claims made each year.
• Number of conditions covered
Policies will cover a varying number of conditions, but sometimes a policy covering fewer conditions might have better definition of the most common illnesses (e.g. cancer, heart attack, stroke).
• The definitions of covered conditions
Check for how many conditions are ABI-approved or ABI+ definitions.
• Payments for early stage illnesses and ‘minor’ conditions
Not every insurer will pay out for early stage or minor incidences of covered conditions.
• Length of the survival period
This is how long you need to survive for after making a claim to receive a payout.
• Claims notification period
This is how long you have after being diagnosed to submit a claim to the insurer.
Conditions Covered by the Top Critical Illness Policies
Most policies cover around 40 conditions, including:
• Cancer
• Strokes
• Heart attacks
• Multiple sclerosis
• Parkinson’s
• Blindness
• Deafness
• Traumatic brain injury.

It is not just about how many conditions are covered
While a high number of conditions covered can be a decent indication of the quality of a product, perhaps even more important is to understand how comprehensive the definition of the illness is, including whether ‘minor’ instances of cancer will prompt a payout.

Critical Illness ABI-Approved Definitions - The ABI provides model definitions of critical illness conditions, intended to give clients clear understanding of policies and to help them compare products from different insurers.  Following this ABI best practice is optional for insurers so, when you look for a policy, don’t just look at the number of conditions listed – consider how many ABI definitions are used.

You’ll see such enhanced definitions referred to as ‘ABI+’, so a policy with a large number of ABI+ definitions is suggestive of a high-quality product.


 
How Much Does Critical Illness Cover Cost?
The cost of Critical Illness Cover depends on a number of personal factors including:
• Age
The older you are the more likely you are to suffer a serious illness and so the more expensive cover becomes.
• Medical history / family medical history
If you already suffer from an illness that may increase the likelihood of you needing to claim the insurer could increase your premiums or place an exclusion on your policy.
• Lifestyle (e.g. smoking status)
Being a smoker or leading an unhealthy lifestyle could result in a higher premium.
Where you can’t control your age there are some policy factors you can control to help manage the cost of your plan:
• Level of Cover
The more cover you require the higher the cost of your policy.
• Length of Cover
The longer you need the cover for the higher the risk to the insurer and the higher the premium you will pay.
• Type of Premium
Opt for either Reviewable or Guaranteed premiums. Reviewable premiums will rise over time and tend to be cheaper from the outset but can often become considerably more expensive than Guaranteed premiums over the full term of the policy.

Compare Best Critical Illness Insurance Quotes & Get Expert Advice
Taking out Critical Illness Cover can be a bit of a minefield with lots of insurers and even more illnesses to consider. Where no two policies are the same we have in-house tools which take into consideration both your personal circumstances (such as your health and lifestyle) and the insurers illness definitions. This makes it easy for us to find the best critical illness cover specifically for your circumstances.

Why Speak to Us
We started Willoughby Bespoke Protection because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to let us help.

• There is no fee for our service.

• We are impartial.
Willoughby Bespoke Protection isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.

• You’ll speak to a dedicated expert from start to finish.
You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.

• Gain the protection of advice.
You are protected. Where we provide an advised service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.

• Claims support when you need it the most.
You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.
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