Critical illness cover is a form of insurance that protects you, your loved ones and your earnings in the event of serious illness. Depending on the circumstances and conditions of your insurance policy, claims are paid in one lump sum to use as you see fit.
Critical illness policies can cover many illnesses and conditions, such as:
Having critical illness cover means you can receive a one-off lump sum payment should you develop a serious or life-changing illness.
The payment is typically designed to cover the cost of lost income – or any alterations you may need to make to your living arrangements.
Whether you need critical illness cover or not will depend on your circumstances, your salary and whether you can cover costs from any lost income yourself. It’s important to remember that your monthly payments into a policy will vary depending on your age, occupation, family history and your own personal health history, such as whether you’re a smoker.
You should consider whether your employment benefits can cover your living expenses should you not be able to work.
You might want to consider critical illness cover if:
Visit our protecting yourself and your family page to find out how expert advice could help you.
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Schroders Personal Wealth is a trading name of Scottish Widows Schroder Personal Wealth Limited.