Cancer is one of the leading causes of death worldwide*. It can affect anyone at any age, regardless of their lifestyle choices. When a cancer diagnosis is made, the financial burden of treatment could be overwhelming. Enter critical illness cover.
Many people are unaware of what critical illness cover is and how it works. Essentially, it’s a form of insurance that pays out a lump sum if you are diagnosed with a serious illness. However, not all policies cover all illnesses, and your diagnosis will need to meet your insurer’s terms & conditions. With all that in mind, it’s understandable that it can be pretty confusing. If you or a loved one have been diagnosed with cancer, you may be wondering if critical illness cover will provide financial assistance during this difficult time. In this article, we will explore the question, and break down the complexities of this type of insurance policy.
* Source accessed December 2023: https://www.who.int/news-room/fact-sheets/detail/cancer
What is NOT covered by critical illness insurance?
While this type of policy can cover many medical expenses associated with critical illness, there are certain things that are not covered.
In some cases, critical illness insurance does not cover conditions considered pre-existing or things that run in your family.
If you have pre-existing medical conditions or a family history with critical illness, then you may want to consider speaking to an adviser. Each insurer may offer you a different decision, and an adviser can help you decide which is best.
Advisers also have access to a wider panel of insurers and products and may be able to find you an insurer that has a more favourable decision than what is offered online.
There may be certain treatments that are excluded, such as some experimental therapies. It's also important to remember that most critical illness policies will not cover mental illnesses, such as depression or anxiety.*
In addition, if you do not meet the policy’s definition of a “critical illness”, then you will not be eligible for payment.
*Note: If you are looking to protect yourself from mental health conditions, including depression, anxiety, stress, burn out or bereavement, you may want to consider Income Protection.
Get covered today
While critical illness insurance doesn't lower your risk of getting sick, it provides financial security for you and your family and/or loved ones in case of unexpected health issues. Therefore, it's considered one of the most important and beneficial insurance products* available.
Thanks to Cavendish, you can now get an online quote in minutes! With access to many of the leading insurers throughout the UK, you can find competitive premiums. We understand that life and illness insurance is an important decision, and we want to ensure you have all the information necessary to make an informed choice.
That’s why our experienced team of life insurance advisers is available to answer any questions you may have. Get covered today and help protect yourself and your family/loved ones from any financial hardship.
*Please note: The insurance products offered by Cavendish Online have no cash-in value at any time. If you stop paying your premiums, your cover will stop, your policy will end, and you will receive no benefit. If you have not claimed before the end of your chosen policy term, the policy will end, and no benefit will be paid.
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