A serious illness, such as cancer , stroke or heart attack, affects one-in-four women and one-in-five men before retirement age. Critical illness insurance is designed to ease the financial pressures by paying a tax-free lump sum if you become seriously ill or totally disabled. You must normally survive at least one month after becoming critically ill, before the policy will pay out.

What it covers

Critical illness insurance pays out on the diagnosis of specified critical illnesses. The range of diseases covered is more than 30, although contracts differ from one company to another.

All policies should cover seven core conditions, which are cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. They will also pay out if a policyholder becomes permanently disabled as a result of injury or illness.

Not all conditions are covered, for example, conditions such as non-invasive skin cancers, and less advanced cases of prostate cancer, tumours that have not yet invaded the organ or tissue, and lymphoma or Kaposi's sarcoma in the presence of HIV are excluded.

There are restictive conditions for claiming on heart attacks. There has to be evidence of typical chest pain, or changes in the electrocardiogram (ECG) for example. Cardiac conditions, such as angina, will not be covered.

For single people with no dependants, critical illness cover that pays off the mortgage is more important than having life cover, as it means you have fewer bills or a lump sum to play with if you are very unwell.

But it can also be useful if you are part of a couple. It provides a welcome financial boost at a time of emotional stress and financial hardship.

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The details

Most providers allow youto take out cover between the ages of 17 and 70. It can be for a specified number of years, for life or just for as long as you choose. When you take out a policy there will normally be a period of about three months before you can make a claim.

However if you want to take out cover, do it as soon as possible. The rise in claims and the cost of advances in medical technology means many insurers have cut back on the conditions they cover, or imposed restrictions on what counts as a critical illness and many insurers have raised their premiums by up to 50 percent and are expected to keep rising.

Getting covered

To take out critical illness cover you will need to complete a proposal form. You will be asked if members of your family have suffered major illnesses in the past. If they have, your policy may be rated, which means you will pay higher premiums or will not be covered for certain conditions.

You may need a medical before being accepted for cover, but this does not necessarily mean you will have to pay higher premiums. You pay more if you are a smoker.

Not all illnesses are covered. Some of the most common exclusions include HIV/Aids, drug misuse, self-inflicted injury and criminal acts.

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IMPORTANT: Be honest about your medical history

It is vitally important that you are honest and give the insurer the most complete information you can when applying for health related insurance.
If you need to claim the insurer will trawl through your medical history for details that you neglected to tell them when you applied. If they find such information, they could refuse your claim.

Making your choice

Choosing the right plan can be tricky. There are more than 60 providers offering 200 versions of critical illness insurance.

Policies vary widely in the illnesses they cover so don't simply opt for the cheapest plan because it will probably offer limited cover. On the other hand, don't go for the policy that covers everything from anthrax to yellow fever -it may not be the most appropriate. Policies that appear to cover every serious illness imaginable are sometimes merely an excuse for the insurer to charge higher premiums.

Buying critical illness cover

It is quick and easy to seek out the most suitable policy by calling Sidstone on 08445 045196 we will search the whole of the market to find you the most suitable cover.

Making a claim

Typically, the benefit is paid as a one-off lump sum and is tax-free. The maximum payable varies between providers but usually ranges between £100,000 and £250,000.

Payment is generally made within 28 days of a serious illness being diagnosed though in the event of permanent disability it will take longer - usually six months to a year.

Using your payout

How you use the benefits is entirely up to you. They may be used to pay off a mortgage or clear outstanding debts. They can also help to pay for childcare or home help.

Crucially, benefits from a critical illness policy give you time to come to terms with your condition and decide what changes you want or need to make to your life.

Benefits are payable only to survivors so the shorter the survival time required before the policy pays out, the better. Some insurance companies will pay as long as you survive a critical illness for a minimum of 15 days. However, policies that combine critical illness and life cover may be bought.

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For more information and to Apply call 08445 045 196 or complete this simple form.

If you need any help or advice please call 08445 045196 and we will be happy to help. Remember we offer free advice for all of our services including mortgages, remortgages, life assurance, critical illness cover, income protection, secured loans, bridging loans, buildings and contents insurance, and many other finance related services.