Critical Illness Insurance
Critical illness insurance provides a tax-free lump sum if you're diagnosed with a serious illness covered by your policy. This financial support can help cover expenses like mortgage payments, medical treatments, or daily living costs during recovery
Is It Worth It?
1
Existing Coverage
Check if your life insurance, mortgage, or employer benefits already provide critical illness cover.
2
Policy Exclusions
Understand what isn't covered. For example, some policies may not cover certain illnesses or conditions
3
Cost
Premiums vary based on age, health, occupation, and coverage amount.
4
Cost vs. Benefit
Critical illness insurance can be invaluable if you don't have sufficient savings or other coverage to manage a serious illness. It can pay to help finance adaptations within the house, care fees and avoid financial hardship.
Factors Influencing Life Insurance Costs
Other than Coverage Amount and Term: (Higher coverage amounts and longer policy terms typically result in higher premiums), the factors identified below include the cost of insurance.
Age
Younger individuals generally pay lower premiums. For example, a 30-year-old will pay significantly less than a 50-year-old per month for the same coverage.
Health
Pre-existing medical conditions can increase premiums. Insurers assess your health history to determine risk.
Lifestyle Choices
Factors like smoking, alcohol consumption, or engaging in high-risk activities can lead to higher costs.
Considerations When Purchasing Critical Illness Insurance
1
Assess Your Needs, Regularly
Evaluate your financial obligations, such as mortgages, debts, and dependents' living expenses, to determine appropriate coverage.​​​
Review Regularly your cover in line with life events such as marriage, having children, or changes in financial circumstances may necessitate adjustments to your coverage.​
2
Compare Policies
Obtain quotes from multiple providers to find a policy that offers the best value for your needs. Comparison websites can be helpful in this process.
3
Understand Policy Details
Be aware of the policy's terms, including coverage limits, exclusions, and the claims process
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £150 to £995 and this will be discussed and agreed with you at the earliest opportunity.
​
The guidance and/or information contained within this Website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
​
Anantam Mortgages and Protection is a trading name of Cox & Flight Financial Solutions Ltd is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority
​
Cox & Flight Financial Solutions Ltd registered in England and Wales with company number 13246868. Registered Office: 1a Towergate, Guisley, Leeds, LS20 9JB.