What is the difference between serious illness cover and critical illness cover?
Traditional Critical illness policies will pay out for around 30 critical illnesses where as serious illness from some insurers will pay out for between 93 and 154 serious illnesses, offering 3 times the amount of protection. Applicants can choose between primary cover or comprehensive cover depending on their requirements.
Is my claim paid on diagnosis?
Serious illness cover normally pays claims based on severity. This means instead of receiving your full sum assured you will receive between 10% -100% of your cover amount based on the stage and severity of your illness. This means policy holders will receive a pay out sooner and for a wider range of illnesses and will be paid on diagnosis rather than when the illness has progressed.
Can I claim more than once?
Unlike traditional critical illness cover where once you have received a payout your cover stops, serious illness cover from some insurers means that customers can make more than one claim for the same illness. If you don’t claim your full sum assured any remaining cover will continue, meaning if your illness progresses or you develop a totally new serious illness, then you will receive another payout.
What is the Minimum Protected Account?
The minimum product account is an additional benefit that allows customers to top up their cover back to the original sum assured after a claim. This can be used up to 3 times with some insurers, meaning every time you make a claim you will receive a larger payment and still have cover left over. This benefit requires no further underwriting or medical checks.