Exchequer Risk Management
No.3 Siskin Drive, Coventry, CV3 4FJ
Opening Hours: 8:30am - 05:30pm

Critical Illness Cover

Critical illness cover is an insurance policy that helps protect you should you become critically ill during the policy term.

01

Peace of Mind

Our Critical illness cover can insure you so that you wont have to worry about any financial concerns such as income while you recover.

02

Financial Cover

Critical illness cover pays out a tax-free lump sum that you can use however you like, such as cover health-related costs, monthly expenses, or lost income while you get better.

03

Protection

Our pay-outs are based on the impact that the condition has on your lifestyle. Meaning, you could receive a pay-out at an earlier stage of your illness, even if it’s not life threatening.

How does critical illness cover work?

You pay monthly premiums for the policy term, which can range from 5 to 50 years, and if you're diagnosed with one of the conditions we cover during that time, we'll pay out.


For the duration of your plan, you'll pay monthly premiums. If you're diagnosed with one of the conditions covered, you'll get a pay out.


The cover itself pays out based on the impact that the condition has on your lifestyle. This means you could potentially receive a pay-out at an earlier stage of your illness, even if it’s not life threatening.
Should your condition get worse, or you suffer with another condition, you can claim again. You can keep doing this until you’ve used up your whole cover amount.

What types of critical illness cover are available?

If you take out critical illness cover on top of a normal life insurance policy, you’ll be able to choose from the following options:

  • Additional cover: This means you’re insured for a pay-out both when you pass away and if you’re diagnosed with a critical illness
  • Combined cover: Pays out once, either when you pass away or are diagnosed.
  •  Joint cover: One policy covered two people in a couple. These usually only pay out once, to whoever dies or falls ill first

How much critical illness cover do you need?

It depends on things like what you want to cover, how much you’re looking to pay each month, and for how long. Because our critical illness plan isn’t combined with life insurance.

  •  When you consider the level of cover you take out on your critical illness policy, you should factor in the level of financial support your dependants would need if you weren’t able to provide an income as a result of your illness. For example, you should think about:
  •  How much your household would need without your income
  •  How much remains on your mortgage or any other debts
  •  How much you can afford to pay every month for cover
icon How does critical illness cover work?

You pay monthly premiums for the policy term, which can range from 5 to 50 years, and if you're diagnosed with one of the conditions we cover during that time, we'll pay out.
For the duration of your plan, you'll pay monthly premiums. If you're diagnosed with one of the conditions covered, you'll get a pay out
The cover itself pays out based on the impact that the condition has on your lifestyle. This means you could potentially receive a pay-out at an earlier stage of your illness, even if it’s not life threatening.
Should your condition get worse, or you suffer with another condition, you can claim again. You can keep doing this until you’ve used up your whole cover amount.

Why is Critical Illness Cover essential?

You can’t know what’s around the corner for your health, but you can make sure you’re prepared financially. So it is essential that you think about the expenses you would need to cover should you suddenly become critically ill and couldn’t work. It might be monthly outgoings like rent payments and general bills, or instalments on a loan or a repayment mortgage. If you don’t have savings to fall back on, getting cover can help take financial worry away while you’re recovering or having treatment.
Here are some examples of benefits critical illness cover can provide:

  •  Peace of mind if you don’t have substantial savings:If you don’t have a savings pot, critical illness cover can be reassuring. If you fall seriously ill unexpectedly, the pay-out can be a source of income for you and your family.
  •  Loans to pay off:If you fall critically ill and can’t work, the pay-out can settle any outstanding payments like your mortgage or loans.
  •  Dependents to take care of: Critical illness cover can give you peace of mind if you have children or other family members that rely on you financially.
  •  Activities: You may need extra cover if you're taking part in dangerous sports, such as skiing or scuba diving

So, whether critical illness cover is worth it will depend on you personally, your lifestyle and your financial situation. If your employer doesn’t offer a benefits package that pays out if you fall seriously ill during your employment, critical illness cover may be worthwhile to give you peace of mind.

Make your dream life get professional help

Free Consultation

    Critical Illness Insurance FAQs

    Can I get critical illness cover for a partner as well as myself?

    You and your partner can take out a joint critical illness cover policy. Think carefully about how you want the policy to work. With most joint policies you will only be allowed a single claim. So, for example, if you were diagnosed with a critical illness and then claimed on the plan the policy would end and your partner would no longer have the cover. In some cases however, you can buy joint policies that continue to cover the second person, even after a partner has made a claim.

    Some insurers offer automatic cover for your children under their critical illness policy, while others may add family cover at a lower cost – either way you should check beforehand if you think it’s something you might need. What you should keep an eye out for is the amount of cover your child will get – it could be a range, a set amount or even a specific percentage of the amount of cover you have for yourself.

    Not all insurers will offer critical illness cover if you have a pre-existing condition, and you may have to pay more in premiums for the policy. If you do have a pre-existing condition you should always declare it, or your insurer might refuse any future claims you make.

    Critical illness cover pays out for a smaller number of conditions, and will end once the plan has paid out in full. Serious illness cover pays out an amount based on the severity of the condition. It covers a wider number of conditions and can pay out earlier than Critical illness cover.

    Private medical insurance in the UK works alongside the NHS. It focuses on providing quicker access to treatment, with more choice about who treats you, and where. Moreover, anyone with health insurance can still use all services offered by the NHS.

    Life insurance is a type of insurance policy that will pay out to your beneficiary (the person named on your policy who will receive a pay-out) when you pass away. Whereas critical illness cover will pay a set amount if you’re diagnosed with a serious or life-threatening illness. Like life insurance policies, the pay-out can be used for anything.

    Free Consultation

      What We Offer

      Other Personal Insurance Services

      image
      Health insurance provides coverage for the cost of private healthcare.
      image
      Home insurance provides financial protection in the event of something happening to your property and/or belongings.
      image
      Income protection aims to insure you should you become ill or injured and are suddenly unable to work.
      Contact Now