Critical Illness Cover

Extra protection for you and your loved ones.

Critical illness cover pays out a tax-free lump sum to you if during the term of the policy you are diagnosed with one of a number of specified critical illnesses or conditions.

Examples of these include Cancer, Parkinson’s Disease, Multiple Sclerosis and paralysis following a heart attack or stroke.

Many people use the pay out to reduce or pay off their mortgage but it’s completely up to you how you spend it.

Policies vary in terms of what’s included and exclusions so getting the right advice is vital.

Kerr & Watson will work out what is most important to you and provide a tailored recommendation.

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How does critical illness cover work?

Critical illness cover can be added to life insurance for an extra cost. It could pay out a cash sum if you’re diagnosed with, or undergo a medical procedure for one of the specified critical illness during the length of your policy.

Who needs critical illness cover?

A critical illness can affect anyone at any age and can turn lives upside down. In the event of being unable to work due to critical illness, having a back-up plan in place can alleviate some of the financial stress of the situation.

How much do I need for critical illness?

Some people like to insure the total balance of their mortgage where as others may opt for insuring a multiple of their gross income, for example around five years worth as that is typically the amount of time the average person needs to recuperate from a critical illness.

The cash sum could be used to redeem their mortgage, help with child care costs, household bills or to help maintain a standard of living if you’re forced to take time off work to recover.

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Your Insurance In 3 Easy Steps…

Conversation

Schedule a call to talk to an adviser about your needs and situation. Alternatively give us a call on 01252 224620 or email us on info@kerrandwatson.co.uk.

Research

We will take the information gained on the call and carry out some research before sending you a bespoke recommendation.

Application

Once we have the relevant information, we will complete your insurance application and update you throughout the process.

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Testimonials

    
 
 
        
   Gareth Broughton 
 29 April 2024
 
 
  Excellent highly recommended service. They spent time understanding my needs, and handled all enquiries through the application process. When we had issues with the mortgage (through no fault of Kerr & Watson) Daniel & Chloe worked hard to resolve this, and was always on top of everything, constantly chasing solicitors and the mortgage provider. I cannot recommend them enough!
  
 
       
   Ashleigh Beney 
 19 April 2024
 
 
  Friendly advice to review life insurance. Great service and would recommend
  
 
       
   Emma Fox 
 19 April 2024
 
 
  As a first time buyer, mortgages are definitely a learning curve, Daniel has been super efficient and he secured an agreement in principle within 2 days. I would most definitely recommend this company and I have great confidence that I will be able to complete the whole process with Daniel's help.
  
 
       
   Matt & Belinda Gidman-Rowse 
 17 April 2024
 
 
  Daniel has been super helpful, informative, and patient since day one!
  
 
       
   Steve Mc 
 16 April 2024
 
 
  Struggling to find a  mortgage lender from a couple of brokers,  an internet search drew a phone call from Stephen Kerr of Kerr & Watson. Stephen was very empathetic and understanding of our situation and obtained the Agreement in Principle.
He and the team during our house bidding process kept us informed and aware. Their communication was excellent and  they were very supportive.
Unfortunately we didn’t make the best offer and so in  the end didn’t require that mortgage. But the ability to make the offer with the mortgage Stephen had obtained behind us gave us so much more confidence to be in the process.
I can’t recommend Kerr and Watson highly enough up to the application point, and I’m sure based upon that, anything beyond that point would also have been fully supported by them.
We have no hesitation in recommending them and would certainly use them for our next house purchase.
  
 
       
   Georgia Lock 
 6 April 2024
 
 
  Fantastic help from this team, Stephen and Chloe were really excellent
  
 
       
   jason mensa 
 21 March 2024
 
 
  Stephen and the team were wonderful to work with. Couldn’t recommend them enough! Thanks for all your hard work
  
 
       
   Paul Edwards 
 14 March 2024
 
 
  Excellent Broker, who helped me to get a mortgage despite my unusual circumstances.

In short, I needed to be sure that my lender would be ok with adult placement care (for vulnerable adults) and potentially also foster care (for children) taking place in the property I purchase (whereby these people live with you and you are paid for looking after them by the local authority). This broker went out of their way to find a lender who would be happy with my property being used in this manner. Without their help, I’m not sure what I’d have done regarding a future mortgage.

I would definitely highly recommend Kerr and Watson to all. They always get back to you in good timing about everything, and they pay attention to every important detail when working out what the best lender and mortgage deal is for you.
  
 
       
   Richard Elwell 
 11 March 2024
 
 
  Stephen has been really helpful over many years assisting with remortgaging both residential and buy to let properties for me. He is always helpful and professional and works hard to identify the best deal available.
I really appreciate his help and advice and would highly recommend him to anyone looking for mortgage advice, totally trustworthy.
  
 
       
   George Hillman 
 4 March 2024
 
 
  Dealing with Stephen and the team has been seamless when remortgaging my house. Very responsive to all my questions with great advice!

Frequently Asked Questions

What does critical illness cover do?

Critical illness cover includes protection for severe and lasting health conditions such as heart attacks, strokes, amputations, or serious diseases like cancer, multiple sclerosis, or Parkinson’s disease.

Why should I get Critical illness cover?

It helps with costs not covered by medical insurance, including childcare and transportation.
You receive a direct lump sum payment for covered conditions to use as needed.
A variety of significant illnesses are covered under most plans.

Do you need critical illness cover if you have income protection?

Having income protection provides broader cover, critical illness cover offers a lump sum for significant health issues, complementing income protection’s regular payments.

What’s the difference between critical illness cover and life insurance?

Critical illness cover provides financial support upon diagnosis of a covered illness, benefiting you and your family during your lifetime. Life insurance pays a lump sum to beneficiaries after your death.

Can you get critical illness cover after diagnosis?

Yes, you can apply regardless of past diagnoses, but you must disclose your health history and undergo the insurer’s medical underwriting process.

Does critical illness pay out on death?

Critical illness cover usually doesn’t payout if you die.

Life insurance pays out if you pass away during the term of the policy and it is most common to take a critical illness policy in addition to a life insurance policy.

Can you buy critical illness cover without life insurance?

Yes, you can purchase critical illness cover as standalone insurance, offering protection against the financial impacts of a critical diagnosis without life insurance.

What are the most common claims for a critical illness policy?

The most common claims include heart attacks, cancers and strokes.

What is the maximum age for critical illness cover?

The cover depends on the insurer. However, you could take out Critical Illness cover up to age 70, with most policies ending before turning 75. Generally the maximum policy term is 50 years.

Why is critical illness cover so expensive?

Critical illness cover can be expensive due to its comprehensive cover of serious conditions, the high incidence rates of these conditions, and the significant lump-sum payouts upon diagnosis. Additionally, factors like medical advances increasing treatment costs, the age and health of the policyholder, inflation impacting medical expenses and cost of living, and potentially low competition in the insurance market, all contribute to the higher premiums.

It’s crucial for individuals to compare policies and consult with an advisor to find the most suitable and cost-effective cover.

Can your children be included in your critical illness policy?

Yes, Children’s Critical Illness cover is available up to age 18 or 21 if in full-time education.

How much critical illness cover do you need?

Consider your monthly earnings, dependents’ financial needs, outstanding debts, monthly essentials, and what you can afford for coverage.

How long should you get a critical illness policy for?

The term can be integrated with life insurance or chosen independently, often lasting until significant debts are paid or dependents are financially independent.

Can you claim on your critical illness policy more than once?

No, the policy ends after one payout for a critical illness claim.

How much does critical illness insurance pay out?

Payouts depend on the cover amount and specific illness, with full amounts for core illnesses and partial for additional conditions, ending or continuing the policy accordingly.