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Critical Illness Cover
What is Critical Illness Cover?
Critical Illness Cover is an insurance policy that pays a tax-free lump sum if you are diagnosed with a serious medical condition listed in the policy, such as cancer, heart attack, or stroke.
It’s designed to provide financial support at a time when you may be unable to work or need to make major lifestyle adjustments. The payout can be used however you choose — to replace lost income, cover treatment costs, clear debts, or adapt your home to your needs.
How does it work?
When you take out a Critical Illness policy:
- You pay monthly or annual premiums to the insurer.
- If you’re diagnosed with a covered critical illness, the insurer pays out a one-off lump sum.
- Once the payment is made, the policy usually ends (unless combined with life cover or arranged on a multiple-claim basis).
Critical Illness Cover can be taken:
- On its own as a standalone policy.
- With Life Insurance, where it pays out on either diagnosis of a critical illness or death (whichever happens first).
Conditions typically covered
While the exact list depends on the insurer, most policies cover in excess of 50 serious medical conditions, including:
- Cancer (of a specified severity)
- Heart attack
- Stroke
- Multiple sclerosis
- Major organ transplant
- Kidney failure
- Loss of limbs or sight
- Motor neurone disease
- Benign brain tumour
Many providers can also include children’s critical illness cover.
Benefits of Critical Illness Cover
- Provides a tax-free lump sum upon diagnosis.
- Offers financial security when you can’t work or need extra care.
- Can help pay for medical treatment, mortgage payments, or household expenses.
- Gives peace of mind knowing your family is financially supported during recovery.
- Can be combined with life cover for more comprehensive protection.
Who is it for?
Critical Illness Cover is suitable for:
- Individuals or families who rely on regular income to meet financial commitments.
- Homeowners wanting to ensure the mortgage is covered if they become seriously ill.
- Parents who want financial security for their dependants.
- Business owners seeking to protect themselves or key staff through business-funded cover.
Tax treatment
- Premiums are paid from after-tax income (for personal policies).
- The payout is generally tax-free for individuals.
- For business-paid policies, such as Relevant Life or Executive Income Protection, different tax rules may apply.
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Submit the details of your insurance requirements here