Most of us think about what would happen to our family if we died, but a serious illness is something many people survive and then have to live through financially. Critical illness cover is designed for that situation.
What is critical illness cover?
It is an insurance policy that pays a tax-free lump sum if you are diagnosed with one of the conditions listed in the policy and meet its definition. You can use the money however you need: to reduce your mortgage, cover bills while you recover, adapt your home or pay for treatment.
What does it usually cover?
Most policies include many cancers, heart attacks and strokes, plus a list of other illnesses and surgical procedures. Insurers define each condition in their own way, and some only pay at a certain severity. A longer list is not always better; the definitions are what matter.
What isn't covered?
Conditions not on the list, illnesses that don't meet the definition, and often conditions linked to your health before the policy started. Answering the health questions fully and honestly is important, because incorrect answers can affect a claim later.
Is it different in Scotland?
The policies themselves work the same way across the UK. What differs for Scottish households is the home-buying process and costs around it, such as the Home Report and Land and Buildings Transaction Tax, which often shape how much mortgage you have and therefore how much cover you might want.
Getting advice
Charlene meets clients face to face in North Lanarkshire and Glasgow and advises people across Scotland, from Edinburgh to Ayrshire and Dumfries and Galloway, by phone or video. She will talk through what you already have, such as workplace benefits, and explain how different policies compare.
Read about critical illness cover advice or talk to Charlene.