Critical Illness Cover
A serious illness can affect far more than your health. It can impact your income, your family and your ability to meet ongoing financial commitments such as your mortgage and household bills.
Critical illness cover is designed to provide a lump sum payment if you're diagnosed with a specified serious illness covered by the policy, helping to provide financial support when you may need it most.
At Moveo Mortgages, we help clients understand their protection options and consider whether critical illness cover could form an important part of their wider financial planning.
Critical Illness Cover at a Glance
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Provides a lump sum payment if diagnosed with a specified serious illness
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Can help reduce financial pressure during recovery
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May be used to repay part of a mortgage
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Can complement life insurance and income protection
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Designed to provide financial support when you need it most
Financial Support When You Need It Most
A serious illness can affect far more than your health.
It can impact your income, your family, your lifestyle and your ability to meet ongoing financial commitments.
Critical illness cover is designed to provide a lump sum payment if you're diagnosed with a specified serious illness covered by the policy.
At Moveo Mortgages, we help clients understand how critical illness cover works and whether it could form an important part of their wider financial protection planning.
Whether you're buying your first home, moving house, remortgaging or simply reviewing your existing arrangements, understanding your protection options can help you make informed decisions about your future.
Move forward with Moveo.
What Is Critical Illness Cover?
Critical illness cover is a type of insurance designed to pay a tax-free lump sum if you're diagnosed with a specified serious illness covered by your policy.
The purpose of the payment is to help ease financial pressure at what can often be a challenging time.
The money can be used however you choose.
For example, some people use it to:
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Reduce or repay a mortgage
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Cover household bills
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Replace lost income
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Fund home adaptations
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Pay for additional support or care
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Provide financial breathing space during recovery
The conditions covered will vary between insurers and policies.
Why Is Critical Illness Cover Important?
Most people focus on protecting against death through life insurance.
However, statistically, many people are more likely to experience a serious illness during their working life than pass away during their mortgage term.
A serious illness can affect:
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Your ability to work
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Your income
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Your family finances
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Your future plans
Critical illness cover is designed to help provide financial support during these circumstances.
Common Conditions Covered
Every insurer is different, but critical illness policies often include cover for specified serious illnesses such as:
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Certain cancers
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Heart attacks
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Strokes
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Multiple sclerosis
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Major organ failure
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Parkinson's disease
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Alzheimer's disease (subject to policy definitions)
The exact conditions covered and policy definitions vary between providers.
It's important to understand the specific cover provided by any policy being considered.
How Does Critical Illness Cover Work?
If you're diagnosed with a specified condition that meets the policy definition, you may be eligible to make a claim.
If the claim is accepted, the insurer will typically pay a lump sum.
You can then choose how to use that money.
Some people use it to:
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Clear debts
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Reduce their mortgage balance
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Cover living expenses
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Focus on recovery without immediate financial pressure
Critical Illness Cover and Your Mortgage
For many homeowners, their mortgage is their largest financial commitment.
A serious illness can make it more difficult to maintain regular mortgage payments, particularly if income is affected.
Many homeowners choose critical illness cover because it could provide a lump sum that may help:
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Reduce outstanding borrowing
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Repay part of a mortgage
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Provide financial security during recovery
Clients arranging:
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Moving Home Mortgages
...often choose to review critical illness cover at the same time.
Critical Illness Cover for Families
Many parents choose critical illness cover because they want additional financial security for their family.
A payout may help provide reassurance during a period when attention should be focused on health and recovery rather than financial concerns.
Many families review their protection arrangements when:
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Buying a home
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Having children
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Moving house
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Increasing financial commitments
Critical Illness Cover for Self-Employed Applicants
Self-employed professionals often rely heavily on their ability to work and generate income.
Many do not have access to:
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Employer sick pay
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Workplace protection schemes
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Company benefits
As a result, serious illness can have a significant financial impact.
Many clients exploring Self-Employed Mortgages also review their protection arrangements.
Critical Illness Cover for Contractors
Contractors often depend on continuous contract income.
A serious illness may affect the ability to continue working and earning.
Many contractors choose to consider critical illness cover alongside Contractor Mortgages and wider financial planning.
Critical Illness Cover for Company Directors
Company directors often have personal and business responsibilities that depend on their continued ability to work.
Many directors choose to review:
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Life insurance
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Critical illness cover
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Income protection
...as part of their overall financial planning strategy.
Learn more through Limited Company Director Mortgages.
Critical Illness Cover vs Life Insurance
Although often discussed together, these products serve different purposes.
Life Insurance
Pays a lump sum if you die during the policy term.
Critical Illness Cover
May pay a lump sum if you're diagnosed with a specified serious illness covered by the policy.
Many homeowners choose both forms of protection. Learn more about Life Insurance.
Critical Illness Cover vs Income Protection
These products are designed to address different risks.
Critical Illness Cover
Provides a one-off lump sum payment if a specified serious illness is diagnosed.
Income Protection
Provides an ongoing monthly benefit if illness or injury prevents you from working.
Learn more about Income Protection.
Many clients choose to combine both forms of cover.
Who Should Consider Critical Illness Cover?
Critical illness cover may be worth considering if you:
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Have a mortgage
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Support a family
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Are self-employed
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Work as a contractor
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Run a business
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Have significant financial commitments
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Would struggle financially if a serious illness affected your income
The suitability of any protection product depends on your circumstances and objectives.
Frequently Asked Questions
Is critical illness cover worth it?
Many people consider critical illness cover valuable because it can provide financial support if a specified serious illness is diagnosed.
Whether it is suitable depends on your circumstances.
Can I have life insurance and critical illness cover?
Yes. Many people choose both forms of protection to provide broader financial security.
What illnesses are covered?
Cover varies between insurers and policies. Each provider has its own definitions and list of covered conditions.
Is critical illness cover the same as income protection?
No. Critical illness cover usually provides a lump sum payment, while income protection is designed to provide a regular monthly income.
Can self-employed people get critical illness cover?
Yes. Many self-employed professionals choose critical illness cover as part of their wider financial planning.
Does critical illness cover replace life insurance?
No. They protect against different risks and often work well together.
Why Choose Moveo Mortgages?
At Moveo Mortgages, we believe protection should be considered alongside your mortgage rather than as an afterthought.
We help clients understand:
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Their mortgage options
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Their protection options
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The differences between protection products
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How protection may fit into their wider financial planning
Our goal is to provide clear, straightforward guidance that helps you make informed decisions.
Related Mortgage Services
Related Protection Services
Speak to Moveo Mortgages
Whether you're arranging a mortgage, reviewing your protection arrangements or simply exploring your options, we're here to help.
We can help you understand how critical illness cover works and whether it may be suitable for your circumstances.
Contact Moveo Mortgages today to discuss your mortgage and protection needs.
