Critical Illness Insurance

Safeguard your health and avoid potential financial distress resulting from the impact of a Critical Illness. We can help find you a suitable cover solution.

Reduce the impact of a serious illness on you and your loved ones with Critical Illness cover

How does Critical Illness insurance work?

If you are diagnosed with a specified serious illness or medical condition covered by your policy, the cover will pay a tax-free lump sum based on a pre-agreed amount. In the event of a health emergency such as cancer or a stroke, critical illness cover could be the only thing standing between you and severe financial distress.  The sole aim of Critical Illness insurance is to alleviate any financial burden during a challenging time, allowing you to focus on your recovery. Many assume they are fully protected with a standard private health insurance plan although the exorbitant costs of life threatening illnesses can be more than this will cover.

How it works

What does it cover?

  • Critical illness insurance covers a specified list of illnesses and health conditions. This typically ranges from 35 conditions as standard, up to as many as 80+ with certain providers and can also include cover for children. Please speak to our referral partners to discuss the finer detail surrounding this.
  • If needing to make a claim and this is approved, you may choose to hold back  part or all of the lump sum to act as a financial buffer but this can also be used to access private medical treatments if required to aid your recovery.
  • A Critical Illness policy will generally only pay out the once and will lapse thereafter. 
  • Any proceeds payable from the cover are completely tax-free.
Essential Information

Things you need to know

  • A critical illness policy won’t usually cover you for a pre-existing medical condition. However, our referral partners might be able to find an insurer that will cover your condition.
  • You will need to tell us about your current health, any medical conditions in your family history, and whether you have any disabilities.
  • If you aren’t honest about your medical history on your insurance application, then the policy might not pay out. We always recommend a truthful approach.

Why should you get critical illness insurance?

Many people assume they will receive a level of income from their employer if they have an accident or fall sick. However, Statutory Sick Pay usually starts on the 4th day of absence, which is a much lower level of benefits. Realistically, this might not support your daily living costs, and this is when critical illness insurance can be a useful policy. The lump sum gives you peace of mind that you can manage your financial commitments while you’re in recovery. If you’re self-employed, then this type of cover can provide you with a much-needed financial buffer.

 

Frequently Asked Question

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