Whilst it is easily confused by some, Terminal Illness and Critical Illness cover are very different. Before you arrange insurance you should understand the differences.
Terminal illness cover pays when the policyholder is diagnosed as having an illness which is likely to cause death in the near future. The ‘near future’ can vary but it’s usually either six or twelve months. Many life insurance policies include terminal illness cover for no additional charge.
Once a terminal illness claim has been paid by your insurer, no further claims can be made. The policy then comes to an end. If you survive past the life expectancy diagnosed then you will not be expected to pay back any of the money.
Critical illness cover (CI) is designed to pay out when you experience a life changing illness, but one which is not likely to result in death. This type of cover will pay out for much more common illnesses such as heart attacks and strokes, and for this reason it is often relatively expensive to include and not included as standard on all policies.
If illness, such as cancer, stroke or heart attack, means we are no longer able to work, or we need adaptations to our home or more care, having CI cover can be very reassuring.
Whether you need Critical Illness or Terminal Illness cover is something you need to decide, but knowing that such cover exists is reassuring for those of us with families and loved ones that are dependent on us and our income.
For more information, speak to our insurance specialists on 01628 507477.
Related Blog Articles:
- What is the difference between Life Assurance and Life Insurance?
- Tax Efficient Life Cover for Small Businesses
Download our Free First Time Buyers Guide
Recent posts
The average age of a first-time buyer in the UK is two years older than 10 years ago. This is understandable with managing the cost-of-living and challenges within the economy such as high interest rates making it difficult to get onto the property ladder.
Delayed Start Mortgage from Skipton
7 days ago
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
Gardening Tips for Beginners
12 days ago
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
The Family-Backed Mortgage from NatWest
15 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
The Impact of Klarna on Mortgage Applications
16 days ago
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
Buy to Let mortgages: what's happening?
21 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
UK mortgage rates following Trump’s Tariffs
14 Apr 2025
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
Effective ways to relieve stress
14 Apr 2025
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
More information
Trusted by
