How Much Critical Illness Cover Do I Need?
If you have begun to start thinking about taking out cover to protect your family and loved ones in the event of you falling ill and being unable to work. Or providing financial security for the long term future with Critical Illness Cover, it can be quite a hard decision to make when choosing a policy.
With so many different providers offering polices it can be difficult and time consuming when comparing Critical Illness Cover in the UK. It can also be quite difficult to know which Critical Illness protection provider to choose and what type of policy is right for you and your family.
In today’s guide we take a look at how much your Critical Illness Insurance should cover, and what you could expect to pay per month. Also in the How Much Critical Illness Cover guide we look at:
How Much Does Critical Illness Insurance Cost In The UK?
How Much Will I Pay For Critical Illness Insurance Per Month?
How Much Critical Illness Cover Do I Need?
What Important Factors Should I Consider When Buying Critical Illness Cover?
Compare Critical Illness Cover Quotes
Prefer to speak to one of our experts at Life Insurance Cover? Simply complete our quick quote form and find the best Critical Illness Cover for you and your family.
As an FCA regulated broker we search and compare all of the UK Critical Illness Cover providers to find the best available policy for you, in one simple search. Helping you to save time and money and offering peace of mind for the future.
How Much Does Critical Illness Insurance Cost In The UK?
The monthly or annual cost of Critical Illness Cover Insurance depends on many different variables which include:
How many conditions it covers as standard protection.
The amount of Critical Illness Cover you need.
The type of policy you choose i.e. Level Term or Decreasing Term Protection.
How long the policy is needed for in years.
Personal factors including age, medical history and lifestyle choices.
Many people decide to add Critical illness Cover to a Life Insurance policy which is commonly known as a combined policy that provides both types of protection cover, this can make both types of cover more affordable. It is worth noting that Critical Illness Cover can be purchased as a standalone product. Depending on your individual needs, circumstances and budget this policy choice may cost a few extra pounds per month.
If you decide to purchase a combined Life Insurance with Critical Illness protection and receive a Critical Illness diagnosis that is covered by your policy. A Claim against the policy will either pay you a lump sum or monthly payment depending on your choice. A key point to remember is that if you are diagnosed with a critical illness, the Life Insurance element of a combined policy will cease after a claim payment has been made.
However, some policies may allow Life Insurance cover to continue after the diagnosis of a Critical Illness, so it is important to compare polices through an FCA regulated broker like Life Insurance Cover.
How Much Will I Pay For Critical Illness Insurance Per Month?
As explained in our many different guides on Life Insurance and Critical Illness Cover in our news section, there is not a one size fits all cost per month. The reason for not all polices costing the same is because no two policyholders are the same. There are a number of factors which can impact your quote including age, smoker status and other lifestyle choices.
Detailed below are two very different types of Critical Illness Cover policies, which could apply to a single person depending on when they choose to Compare Critical Illness Cover quotes and buy a protection policy:
A fit and healthy, 30-year-old, non-smoker decides to purchase a combined £100,000 Life Insurance and Critical Illness Cover over a 20 year policy term which can cost £25 per month (this will vary by person and provider).
However if the same individual who remains fit, healthy and a non-smoker waits until they have their 40th birthday to buy a combined £100,000 Life Insurance with Critical Illness Cover. The monthly premium will then increase to approximately £45 a month, which can also rise to £100 per month by age 50.
Although the above example can seem quite shocking and it may seem like a no-brainer to take out a Critical Illness Cover policy when you are young to reduce the cost of your premiums. It is also important to consider when you may need to rely on the protection cover as you get older.
If you are not quite sure on whether it is the right time to compare Critical Illness Cover quotes and buy a protection policy. Or alternatively you want to find out how much you could buy to protect you and your family, get in touch through our simple quick quote form and we can help you find the answers.
How Much Cover Do I Need?
The potential amount of Critical Illness Cover you need for you and your loved ones can be calculated by looking at the number of people who rely on you, your income and family outgoings. After a turbulent 18 months you may decide that you want Critical Illness Cover because you like the option of having private medical treatment if ever you were diagnosed with a critical illness, rather than having to rely on the NHS. By choosing not to be reliant on the NHS for important treatment will speed up potential treatment, by only using the NHS may take a considerable amount of time.
Another key point to remember is that each insurer will cover medical conditions differently and the more conditions covered, the higher your potential monthly premiums will cost. If you are unsure about how much Critical Illness Insurance you need to take out to protect you and your family. Simply use our free, no obligation quote service and let our expert team talk you through your options.
What Important Factors Should I Consider When Buying Critical Illness Cover?
When making the important decision to obtain a protection policy like Life Insurance Cover or Critical Illness Insurance. It is very important to think about what you need the policy to do for the future, which can mean that you need to ask yourself a few important questions. This will help you to decide how much Critical Illness Cover you will need:
Do you have young children that rely on you?
A spouse or partner that relies on your income to live?
Do you currently have a mortgage? How much is left outstanding?
Any other debts? Could they be paid if you were critically ill?
How much would your family need to pay the bills and live?
Have you saved any money for a rainy day or other assets?
Whether you want funds for private medical treatment rather than rely on the NHS
Although some of the questions above may seem quite hard to either work out or plan for, they should provide a rough idea of what financial amount you and your family will need as a lump sum payment. A lump sum payment can help you and your family to continue the same quality of life in the event of you receiving a diagnosis of a critical illness condition.
If you are struggling to calculate the amount of Critical Illness Cover you need or unsure how to make accurate estimations. Simply get in touch through our quick quote form and one of our expert team can help you through every step of the process.
Compare Critical Illness Cover Quotes & Find The Best Policy Available
When choosing to obtain a Critical Illness policy, it is very important that you select the right provider and type of policy that is tailored to your individual circumstances.
By using an FCA regulated broker, like Life Insurance Cover who compare all of the UK providers including specialist companies who do not provide policies directly to the public. Life Insurance Cover has access to the whole-of-market, so you can be reassured that you can obtain the best policy available at the best monthly premium for you and your family.