Critical illness cover
What is critical illness cover?
What is critical illness cover?
Critical illness cover can give you peace of mind by paying a cash lump sum if you’re diagnosed with an illness covered by your policy.
The lump sum you receive can go towards whatever you like, meaning you can focus on your health and wellbeing.
To be eligible for life insurance, you need to be a UK resident and be 18 or older.
How does critical illness cover work?
What critical illnesses does it cover ?
This list of critical illnesses is only a guide. Check the terms and conditions of your policy to see what it covers.
* If you are on an official UK waiting list for treatment for one of these illnesses, we will make an advanced payment of the current amount of your cover.
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- Benign tumour of the brain or spinal cord*
- Brain injury due to trauma or reduced oxygen supply
- Intensive care cover
- Motor Neurone Disease (MND)
- Coma
- Dementia including Alzheimer’s disease
- Intensive care cover
- Multiple Sclerosis (MS)
- Neurological deficit caused by specific conditions:
- Bacterial meningitis
- Creutzfeldt-Jakob Disease (CJD)
- Encephalitis
- Neuromyelitis optica (Devic’s disease)
- Paralysis of limb
- Parkinson’s disease
- Parkinson Plus syndromes
- Stroke of the brain or spinal cord
- Systemic Lupus Erythematosus (SLE)
- Total Permanent Disability
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- Cardiomyopathy
- Heart attack
- Heart failure
- Heart and vascular surgeries*
- Aorta graft surgery
- Cardiac arrest
- Coronary artery bypass grafts
- Heart valve replacement (or repair)
- Pulmonary artery surgery
- Structural heart surgery
- Pulmonary arterial hypertension
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- Aplastic anaemia
- Kidney failure
- Liver failure
- Major organ transplant*
- Respiratory failure
- Third degree burns
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- Invasive cancer
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- Blindness
- Deafness
- Loss of hand or foot
- Loss of speech
Critical illness cover options
There are a number of things you’ll need to consider when you’re taking out life cover. Here are some of the options available to you. Your adviser will be able to help you decide what is most suitable to meet your protection needs.
| COVER OPTION | WHAT THIS MEANS | WHY YOU MIGHT NEED IT |
|---|---|---|
| Level cover | The amount of cover you choose and your premium will remain the same through the term of your policy. | The amount of cover won’t change over time so you and your family know how much will be received in the event of a claim. |
| Decreasing cover | The amount of cover you choose reduces each month, but your premium remains the same. | This is normally chosen to cover a repayment mortgage. |
| Increasing cover | The amount of cover you choose increases each year in line with the Retail Prices Index (RPI). Your premium will also increase for this type of cover. This means that your cover amount stays in line with inflation. | As this type of cover stays in line with inflation, it is designed to combat price rises, maintaining its real value throughout the term. |
| Premium Protection | This cover means you won’t have to pay your premiums if you’re unable to work because of an accident or disability. | This means that you won’t lose your cover if you can’t pay your premiums if you’re unable to work. |
| Trusts | A trust is a legal arrangement that lets the owner of something ‘gift’ ownership to someone else, this could include cash, property, shares or a life insurance policy. | This means that you can make sure that the money from your policy goes to the people that you choose. |
You can find out more about our current life cover from Scottish Widows in our policy summary (PDF, 2MB). If you already have a policy with us then please check the Policy Provisions you were sent when you took out your policy, or speak to your financial adviser.
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Frequently asked questions
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Critical illness cover is a policy that will pay out if you are diagnosed with an illness that is covered by your policy.
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You can combine life cover with critical illness cover, so your policy will pay out either if you are diagnosed with an illness that is covered by your policy or you die. It pays out on whichever happens first before the policy ends.
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Critical illness cover could reduce the financial impact of a critical illness, by helping with practicalities such as helping pay off your mortgage and any bills, allowing you to focus on your health and wellbeing.
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Yes, you can choose to each have your own individual policy or you can have a joint policy. For a joint policy when one of you is diagnosed with one of the illnesses covered by the policy the cover ends for both of you. The payout will normally go to the person who has been diagnosed.
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It depends on your personal circumstances. There are some things you may need to consider, which your adviser will go through with you. These could include:
- how much you and your family would need to support themselves without your salary
- the size of your mortgage and how long it’s got to run
- any other outstanding loans or debts you have
- the amount you want to pay each month.
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Yes. When you apply you can:
- start it as soon as possible
- choose ‘Not known yet’ (if you are unsure when you would like your policy to start)
- give a specific date.
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No. Life insurance policies have no cash-in value at any time. Also, if you don’t pay your premiums on time your cover will stop, your policy will end and you’ll get nothing back. If the sum assured has not been paid out by the end of the selected term, the policy will end and you’ll get nothing back.
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You may wish to put your policy in trust, where you can specify who should benefit (the beneficiaries). You should speak to your adviser if you would like to do this. Critical illness cover would normally be paid to yourself, while if you’ve included life cover, this will go to the beneficiaries you choose.
It’s also important to have a will in place to protect your assets and your loved ones. Learn more about writing a will.