Critical Illness Cover for Mums in the UK & Northern Ireland
As a mum, if you suffer from a serious illness, critical illness cover for mums is designed to pay out a lump amount. But determining what critical illness insurance covers is not always simple. What to watch out for, how to decide if it’s suitable for you as a mum, and how to purchase critical illness cover for mums are all covered below. Let Mummy Insurance get you a critical illness insurance policy tailored to meet your specific needs.
What Is Critical Illness Cover for Mums?
Briefly stated, if you are found to have one of the serious illnesses it covers, critical illness cover for mums pays out a flat sum. Most critical illness insurance policies will normally include coverage for fatal ailments including cancer, heart attacks, and stroke.
The amount of coverage you want, and the length of the critical illness policy are up to you mums since many critical illness policies are linked to life insurance, though you can also purchase critical illness standalone coverage.
The last thing you want as a mum in a catastrophic medical emergency is to be concerned about money. However, getting sick can be costly. You might have to pay for specific medical costs or lifestyle adjustments, and if you can’t work, it might have a negative impact on your family’s finances. Critical illness cover for mums comes into play here and provides you support when you need it most as a mum.
To make your illness and rehabilitation as stress-free as possible, critical illness cover for mums is available through Mummy Insurance. If you are diagnosed when you are a mum with a catastrophic disease or handicap, your insurance pays out a lump amount that is tax-free, and you are free to use the money however you see fit, including making modifications to your house to better suit your needs, paying for treatment, or just filling any financial gaps.
How Does Critical Illness Cover for Mums Work in the UK & NI?
Typically, as a mum you’ll have to decide how much and for how long you want the critical illness insurance to cover you. For instance, you could decide to keep the critical illness insurance only until your mortgage is paid off or to keep it active until you reach the age at which the policy’s automatic termination kicks in, usually around age 75.
When applying for critical illness cover for mums through Mummy Insurance, it’s vital to disclose all pre-existing health conditions when you apply because the insurer will typically ask you to complete a health questionnaire and may request to see your medical records.
It will then consider all your information to estimate the monthly premium you’d need to pay; the riskier you appear (for instance, you have a demanding or active profession and/or a history of catastrophic sickness in your family), the more expensive critical illness cover for mums will be.
Once the critical illness insurance policy is activated, you can file a claim if you are found to have one of the listed illnesses, but it won’t pay out if you pass away (life insurance covers that). You can use the lump sum payment, which is tax-free, to pay off the mortgage, replace lost income, cover regular bills, or for medical expenses after you get it.
What Is Insured Under Critical Illness Cover for Mums in the UK & NI?
Every insurer has slightly different requirements, but critical illness cover for mums covers any disease that could significantly and permanently harm you or your life. Nevertheless, different insurers may measure this differently; here are some exclusions to watch out for:
- Early-stage or low-risk malignancies might not be covered by all insurers. If you are given a diagnosis of breast or prostate cancer that is curable, certain companies may only pay a small amount of your lump sum. A less severe heart attack or stroke might not be included in the calculation as well.
- You will be questioned about any existing problems when you apply for critical illness coverage. When you purchase insurance, it won’t cover any ailments you currently have, and if you lie about your health status, your critical illness coverage may not be valid.
- Only if your critical illness has been correctly diagnosed by a medical professional will you receive your compensation. Many insurers require that your sickness be confirmed by a consultant with expertise in the related field.
Common Exclusions in Critical Illness Insurance Policies in the UK & NI
There are many conditions that prevent critical illness cover for mums from paying out at all. This can include the seriousness of the conditions you must obtain a diagnosis for; for instance, you might need to have ongoing symptoms to be eligible for benefits under the critical illness insurance policy.
When you reach a specific age or if you were aware of symptoms prior to purchasing the critical illness insurance policy, the insurer may also decide to stop providing critical illness coverage for certain conditions.
Additionally, most plans will also disallow critical illness insurance claims in cases where the sickness was brought on by self-harm, drug or alcohol addiction, or participation in dangerous or extreme sports. There are frequent timing restrictions as well, such as not being able to file a claim during the first 90 days of the policy’s existence or having your claim denied if you pass away within a month of receiving a critical illness diagnosis.
When Do I Need Critical Illness Cover as a Mum in the UK & NI?
Since there is no way of knowing when anything might occur in the future, it is preferable to take protective measures now if you believe you might need critical illness cover for mums from Mummy Insurance. If you become extremely ill before purchasing critical illness cover, your illness is likely to be excluded from the policy.
If you work for an employer, you may already be covered by employee benefits if you fall gravely ill. However, these frequently have a duration — Statutory Sick Pay only covers you for up to 28 weeks, and some major illnesses can have a far longer impact on your life. Finding out what benefits you are eligible for from your employer’s HR department is a good idea before deciding whether you want the added security that comes with a critical illness cover arranged through Mummy Insurance.
As a mum you’ll need to choose the lump sum you wish to insure if you decide critical illness cover is right for you. This will be mostly based on your unique situation and the monthly amount you can reasonably afford.
Calculating your existing monthly expenses is a good place to start. Then, add a buffer for any unforeseen expenses related to a severe condition, such as commuting to and from a treatment facility, drug expenditures, or higher electricity bills to power medical equipment.
This should then provide you with a rough estimate to work with, which you can then multiply by as many months you’d prefer any payments to endure to determine a lump sum amount. As an illustration:
- £2,000 is required for monthly expenses.
- 120 is the number of months you need it to last (10 years).
- £240,000 is the total amount of critical illness cover required.
There are lots of factors that can affect the cost of critical illness cover for mums, including age, family history of illness, whether you’re a smoker, and your job or hobbies. If you have decided that critical illness cover is right for you, a general rule applies, never blindly go with a policy offered to you by your bank or directly with an insurer, as this can be the most expensive way.
Instead, use Mummy Insurance who will help you find critical illness cover policies for mums by searching our panel of insurance providers in the UK to get you a critical illness policy that suits your needs.
In most cases, critical illness cover for mums is offered as an add-on to your life insurance policy. It is usually cheaper to bundle up your critical illness cover with a life insurance policy, and with Mummy Insurance it couldn’t be easier to get you the most suitable policy for you.
The last thing a mum or dad wants to consider is their child developing a life-threatening illness in the future. However, it’s important to think about how you’d handle your finances if it did occur. Financial difficulties may arise if your child has a serious illness, especially if you (or your partner) must take time off work to care for them. Children’s critical illness coverage, an add-on to standard critical illness cover policies, can be beneficial in this situation.
