Questions about critical illness and related topics have spiked over the past year, and searches for ‘critical illness insurance’ are +53% up in the past week, revealing that people in the UK are becoming increasingly concerned about being affected by critical illnesses such as cancers, strokes or heart attacks.
The research highlighted that ‘critical illness cover’ has an average monthly search volume of 6,800 and that searches for ‘critical illness insurance” have more than doubled over the past week.
According to the NHS, the likelihood of a resident in the UK getting a critical illness like cancer in their lifetime is becoming increasingly likely, so having the right protection in place is key.
Life insurance broker, LifeSearch, conducted this research using Semrush and Google Trends data to highlight the importance of talking about these subjects and to give the UK a better understanding of everything they need to know about critical illness coverage.
Emma Walker, chief marketing officer at LifeSearch says: ‘In challenging times, the number one priority is to support those you love. Data tells us people want to learn more about how to protect their loved ones, especially if they become ill or seriously injured. We advise people with understanding and information to help them choose the right protection to suit their personal needs.’
UK’s most frequently asked questions about critical illness
What is critical illness cover?
Critical illness cover provides you with a tax-free lump sum of money – or income – if you become seriously ill or sometimes have a life-altering injury. The covered illnesses usually include serious and long-term conditions such as a heart attack, Parkinson’s disease or cancer.
How much critical illness coverage do I need?
The cost of critical illness insurance will depend on several things, including your age, your health, whether you smoke, how long the policy lasts, how much coverage you want, and how many illnesses the policy covers.
As a simple rule, the more likely you fall ill and make a claim on your policy, the more expensive and in-depth your cover will be. So the younger you are when you apply for your policy, the healthier your lifestyle will be, and the lower your insurance premiums.
Do I need critical illness coverage?
If you’ve a family you want to protect, then think about the importance of critical illness insurance. Here are a few key questions to ask yourself:
- What would happen if my family lost my income because I became unable to work due to illness?
- What financial changes would we need to make if we lost our income due to illness?
- Do we have savings or other assets that could support us financially? Are we happy to use these?
What does critical illness insurance cover?
‘Different insurers offer different critical illness products which cover different illnesses. Many insurers now even cover less serious illnesses, or earlier stage illnesses, to increase your chances of being able to make a claim on your policy.
With this, they have also introduced multiple payout levels so that the serious illnesses receive the full cover amount, and those less serious ones receive, say, 25% or 50% of the cover amount.
Most insurers also protect your children against certain critical illnesses. This money can help to pay for private treatment or to cover lost income if you need to take time off work to care for the family.
What illnesses are covered by critical illness insurance?
Generally speaking, all products will cover cancer, heart attack and stroke at a minimum. Some insurers cover just these three illnesses, and others cover more than 50 conditions, including organ transplants, blindness and deafness.
What cancers are covered by critical illness insurance?
There are approximately 100 types of cancer. Some are covered in critical illness, while some could be excluded. For more information on this, consult the details of your critical illness cover.
Is critical illness insurance worth it?
Even if you don’t have family members who rely on you financially, critical illness insurance might still be useful, particularly if you cannot work but still need to cover the household bills.
Not everyone needs critical illness insurance, so it’s worth talking to a life insurance expert like LifeSearch about your personal circumstances, so they can work out what you need.
Do I need critical illness cover as a renter?
Critical illness coverage is still important if you rent your home. Suppose others depend on you financially, regardless of whether you’re a homeowner or a tenant.
In that case, critical illness cover could support them with a cash payout if they become ill during the length of their policy. LifeSearch’s critical illness cover contains all the information those interested would need, so the UK is armed with the right information to protect the life they love.
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