What illnesses are covered by critical illness insurance depends on the terms and conditions of any given policy and provider, but here are some of the illnesses that may be covered.
What is Critical Illness Insurance?
Critical illness insurance can be taken out as a stand-alone policy or as part of a life insurance policy. Either way, it will pay out a pre-determined amount if the insured individual is diagnosed with a specified critical illness.
The specific terms & conditions of any given policy and the providing insurance company will determine which illnesses will be covered, how much a policy will pay out and who will be covered (some policies allow for multiple individuals – including children – to be covered).
So, What Illnesses Are Covered by Critical Illness Insurance?
Nearly all critical illness policies cover standard serious conditions as set out by the ABI (Association of British Insurers), including major heart attacks, coronary artery bypasses and kidney failure; multiple sclerosis, major organ transplants, stroke and several defined, specific cancers.
Some policies do, however, cover a much wider range (sometimes 60+) of conditions, which may, for example, include:
- Traumatic brain injury, total permanent paralysis of a limb and/or total permanent disability
- Third degree burns to 20% of the body’s surface area or 20% to the head or face
- Systemic lupus erythematosus (if accompanied by severe complications)
- Stroke and/or spinal stroke causing symptoms lasting a minimum of 24 hours
- Removal of eyeball, primary pulmonary hypertension and/or permanent progressive supranuclear palsy
- Permanent multiple system atrophy and/or permanent loss of a hand or foot
- Permanent loss of speech, deafness and/or blindness
- Parkinson’s disease, open heart surgery (incl. median sternotomy) and/or motor neurone disease
- HIV infection (if caught via blood transfusion, work accident or physical assault)
- Heart valve repair or replacement, encephalitis and/or dementia & Alzheimer’s disease
- Coma (and associated permanent symptoms), CJD (Creutzfeldt-Jakob disease) and/or Cardiomyopathy
- Benign brain tumours, bacterial meningitis and/or aplastic anaemia
- Aorta graft surgery, advanced stage respiratory failure and/or advanced stage liver failure
Depending on the policy, some of these conditions may be covered depending on their severity/stage and some policies allow for further conditions to be added upon request.
As covered conditions, cover levels (sum assured) and payable premiums can vary significantly between insurance providers and policies, finding the suitable policy to protect your family can be a complex, time-consuming process.
Boasting years of experience in helping people find the right policies to adequately protect their family’s financial future while keeping premiums at an affordable level, Spectrum FA can help you find a policy to perfectly meet your family’s needs, too. Give us a call on 01279 315 013 today to learn more and/or discuss your specific requirements.