Critical Illness & Cancer Cover – Are they the same thing?

Statistically a high percentage of us are at risk from cancer so it’s natural to consider some sort of protection that could provide a cash lump sum to either clear our debts, take care of our families or pay for treatment if we are diagnosed with cancer.

Critical Illness Cover can provide exactly that but not all types of cancer are covered.

The important thing to know is that cancer comes in many shapes, forms and degrees of severity and so the providers of Critical Illness Cover take this into account. Because certain types of cancer are less severe than others, and in a lot of cases easily treatable, insurers are less likely to cover the milder forms of the disease.

Someone who purchased critical illness cover a few years ago should think twice about replacing their policy because the cancer ‘definitions’ were much more generic in the past. The types of cancer covered are likely to broader with an old policy so anyone thinking about replacing theirs should closely compare what they will be getting with what they have.

Insurers use statistical information to calculate with high degrees of accuracy the probability that they will have to pay out a claim. They also weigh up the impact of certain types of cancer on a persons life and so nowadays the cancer ‘definitions’ are much more specific.

Anyone considering critical illness cover should be able to obtain a full list of illnesses and definitions from prospective insurers or they should contact an independent adviser to do the research for them because there is quite a lot of variety in the market.

All insurers provide cover for predetermined ABI (Association of British Insurers) definitions and beyond that the illnesses covered by each insurer varies.