Critical Illness Cover
A tax-free lump sum to help you focus on recovery, not finances.
Critical illness insurance pays a tax-free lump sum if you are diagnosed with one of a specified list of serious illnesses or conditions. Unlike income protection, which replaces your earnings on an ongoing basis, critical illness cover provides a one-off payment that you can use however you choose.
It is usually available as an addition to a life assurance plan but can also be purchased on a stand-alone basis. As independent advisers, we can compare policies from across the whole market to find the most comprehensive cover at the best available premium.
Key Features
Lump Sum on Diagnosis
Pays a tax-free lump sum upon diagnosis of a specified critical illness — giving you immediate financial flexibility at a difficult time.
Use the Money as You Choose
The lump sum can be used however you wish — to pay off your mortgage, cover medical costs, adapt your home, or simply replace lost income during recovery.
Stand-Alone or Combined Cover
Critical illness cover can be taken as a stand-alone policy or combined with life assurance. Combined policies are often more cost-effective.
Range of Conditions Covered
Most policies cover a core set of conditions including cancer, heart attack and stroke. More comprehensive policies cover a wider range of conditions — we will help you compare.
Commonly Covered Conditions
The conditions covered vary between providers and policies. Most standard policies include at least the following:
- ✓Cancer (meeting specific criteria)
- ✓Heart attack
- ✓Stroke
- ✓Multiple sclerosis
- ✓Coronary artery bypass surgery
- ✓Kidney failure
- ✓Major organ transplant
- ✓Permanent total disability
This list is illustrative only. The exact conditions covered will depend on the specific policy. Our advisers will help you compare the definitions and scope of cover across different providers.
Critical Illness vs Income Protection
Critical illness cover and income protection serve different purposes and are not mutually exclusive. Critical illness pays a lump sum on diagnosis of a specified condition; income protection pays a regular income if you are unable to work, regardless of the cause.
For comprehensive protection, many clients benefit from holding both. Our advisers can help you assess which combination is most appropriate for your circumstances and budget.
SBC Financial is a trading style of Steven John O'Neill, who is authorised and regulated by the Financial Conduct Authority. FCA reference number: 997666. Critical illness policies vary significantly between providers in terms of the conditions covered and the definitions applied. Always read the key features document and policy terms carefully before taking out any protection policy.
Speak to one of our independent advisers to find the right critical illness cover for you.
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