Over 50s Guide to Critical Illness Cover

As you enter your 50s, protecting your finances can become just as important as protecting your health. While you may be considering getting life insurance in your 50s, critical illness cover is another option worth considering.

Even if you're retired, a serious illness can impact your income and leave you facing unexpected costs at a time when you may still have to manage a mortgage, bills, or family responsibilities.

If you're not sure whether you can get critical illness cover or whether it's suitable, this article will explain everything you need to know.

What does critical illness cover usually include?

Most policies are designed to cover serious medical conditions that can have a significant impact on your daily life or affect your ability to work.

Depending on the insurer, cover may also include:

• Total permanent disability cover

• Partial payouts for less severe conditions

• Additional support services such as rehabilitation

Policies rely heavily on definitions, so it's important to understand what is directly covered. For example, two policies may both cover cancer, but they may differ in the type and severity of cancer for which a claim may be successful.

Can you get critical illness cover over 50?

Many insurers still offer critical illness cover to people in their 50s and beyond. However, your eligibility and the cost of your premiums will usually depend on factors such as:

• Your age

• Medical history

• Smoking status

• Occupation

• Lifestyle factors

In many cases, you may still be able to get cover if you’re in good health, although premiums will likely be higher than they would be for younger applicants. There's also an upper age limit when the cover ends, usually around age 75.

Is critical illness cover worth it over 50?

For many people, critical illness cover can become even more relevant later in life.

By your 50s, you may still have ongoing financial commitments such as:

• Mortgage repayments

• Household bills

• Everyday living costs

• Medical adjustments or home adaptations

• Loans or other debts

• Dependants or family members who rely on your income

A critical illness payout could help provide financial breathing space if you were unable to work or needed time to recover. This can be particularly important for those who are still working or supporting their family financially.

Not sure whether it’s right for you? Read our guide on the pros and cons of critical illness cover.

Is it harder to get cover after 50?

In many cases, it can be harder to get cover after 50, but not impossible.

As you get older, insurers generally view you as a higher risk, as there is an increased chance of illness or medical issues. Because of this, underwriting can become stricter after 50.

This may result in:

• Higher monthly premiums

• Certain conditions being excluded

• Reduced policy terms

• Lower maximum levels of cover

However, being over 50 doesn't always mean you’ll struggle to get protection. Many people are still able to secure suitable cover, particularly if they are in relatively good health. To improve your options, it's best to apply sooner rather than later.

Why are critical illness claims sometimes rejected?

Critical illness claims are often successful when policies are arranged correctly and medical information has been fully disclosed. However, there are situations where claims may be declined.

This could be the case if you failed to disclose a health condition during the application process. Your claim could also be denied if the condition you are diagnosed with does not meet the insurer’s definition

Such reasons are why it’s important to provide accurate information when applying and fully understand what your policy covers. Learn more about why claims get rejected.

How much does critical illness cover cost for over 50s?

The cost of critical illness cover for those over 50 will vary from person to person.

Standalone critical illness policies can sometimes be more expensive than standard life insurance because the chances of suffering a serious illness are statistically greater than dying during the policy term.

The cost of premiums is usually based on:

• Your age

• Overall health

• Smoking status

• Level of cover

• Policy term

• Family medical history

Premiums increase with age because the likelihood of making a claim becomes higher. However, many people still find affordable cover depending on the amount of protection needed.

Should over 50s get critical illness cover or life insurance?

Both critical illness cover and life insurance serve different purposes when it comes to cover. One is not necessarily better than the other.

Over 50s life insurance is designed to pay out after death, which can help your family and loved ones financially.

Critical illness cover, on the other hand, is designed to pay out while you are still alive if you suffer a specified serious illness.

Some people choose one policy, while others combine both for more added protection.

For example:

• Life insurance may help repay a mortgage or support family financially after death

• Critical illness cover may help replace lost income or cover costs during serious illness

Critical illness can usually be purchased as an add-on to a life insurance policy, as well as income protection.

Can you get critical illness cover with pre-existing conditions?

It may still be possible, although it can sometimes be more difficult depending on your condition.

Some insurers may:

• Increase your premiums

• Exclude certain conditions from cover

• Limit the level of protection available

• Decline cover altogether

Conditions such as diabetes, previous heart issues, or certain cancers can affect eligibility, but this doesn’t necessarily mean you will be denied cover straightaway.

How long does critical illness cover last?

Most critical illness policies run for a fixed period of time.

For example, cover may last until:

• Your mortgage term ends

• You reach retirement age

• A selected age such as 75

Once the policy term ends, the cover stops unless you arrange a new policy. Because of this, it’s important to choose a term that reflects your finances and how long you may need protection for.

Tips for getting cheaper cover over 50

Although premiums are generally higher later in life, there are still ways you may be able to reduce the cost of critical illness cover.

• Apply sooner rather than later: In many cases, applying for cover earlier can result in lower premiums. As you get older, the risk of developing health conditions naturally increases, which can make cover more expensive.

• Stop smoking if possible: Smokers usually pay more for both life insurance and critical illness cover. However, some insurers may offer lower premiums if you have stopped smoking for at least 12 months.

• Compare policies across the market: This can give you access to a wider range of policies and pricing options. Some insurers may also be more flexible depending on your age or medical history.

• Only choose the level of cover you need: Some people make the mistake of taking out more cover than necessary, which can increase your monthly premiums.

• Consider shorter policy terms: A shorter term may help reduce the overall cost of premiums, provided the cover period still suits your needs and responsibilities.

• Live a healthy lifestyle where possible: Maintaining a healthy weight, staying active, and managing existing health conditions may help improve the options available to you.

Get a quote for critical illness cover

If you’re considering critical illness cover in your 50s or beyond, getting professional advice can help you understand what options may be available to you.

At Cavendish Online, our advisers can help compare policies from across the market and explain how different types of cover work, including standalone critical illness insurance, over 50s life insurance, and combined protection policies.

Frequently asked questions

Can a 55-year-old get critical illness cover?

Yes. Many insurers offer critical illness cover to people in their 50s and beyond, although your premiums and eligibility will depend on health and lifestyle factors.

What illnesses are covered by critical illness insurance?

Policies commonly cover serious conditions such as cancer, heart attack, stroke, multiple sclerosis, and organ failure. The exact list depends on the insurer.

Does critical illness cover pay out for cancer?

Yes, many policies include cancer cover. However, the cancer must usually meet the insurer’s specific policy definition for a successful claim.

Can I get critical illness cover if I have diabetes?

Potentially, yes. Some insurers may still offer cover, although premiums may be higher or exclusions could apply depending on the severity of the condition.

Is critical illness cover expensive over 50?

The monthly payments are generally higher later in life, but the overall cost will depend on your health, lifestyle, and level of cover.

Does critical illness cover end at retirement?

Many policies end at a selected age or retirement, although this depends on the policy term you choose.

Is over 50s life insurance better than critical illness cover?

They serve different purposes. Over 50s life insurance pays out after death, while critical illness cover pays out if you suffer a specified serious illness during the policy term.