CRITICAL ILLNESS COVER
FOR SUPERDADS
You cannot be a superdad without insurance.
Critical Illness Cover for Dads in the UK & Northern Ireland
If you experience a serious illness or accident as a father and are unable to work, critical illness cover for dads is intended to pay out a lump sum. But it’s not always easy to figure out what critical illness cover for dads actually covers. The information below covers what to look out for, how to determine if it’s appropriate for you as a parent, and how to obtain critical illness insurance. Allow Daddy Insurance to find you the most affordable and effective critical illness insurance plan designed for all you dads from all backgrounds.
What Is Critical Illness Cover for Dads?
To put it briefly, critical illness cover for dads pays out a set amount if you are discovered to have one of the serious illnesses it covers. The majority of critical illness insurance policies often cover deadly diseases like cancer, heart attacks, and stroke.
Since many critical illness plans are linked to life insurance, you can choose the level of protection you want and the length of the critical illness policy. However, you can also get critical illness cover for dads as standalone coverage.
Being concerned about money during a life-threatening medical emergency is the last thing a dad wants to be doing. But getting sick can be expensive. You could need to pay for medical expenses or lifestyle changes, and if you are unable to work, it could have a detrimental effect on your family’s financial situation. Here, the critical illness cover for dads comes into action and offers you support as a father just when you need it most.
Critical illness cover for dads is an option to help make your illness and recovery as stress-free as possible. Your insurance pays out a lump sum that is tax-free if you are diagnosed when you are a father with a catastrophic illness or disability. You are free to use the money however you see fit, including making adjustments to your home to better suit your needs, paying for treatment, or simply filling any financial gaps.
How Does Critical Illness Insurance Work for Dads in the UK & NI?
Critical Illness Cover for Dads, you will often need to determine how much and how long you want your critical illness insurance to pay out. You may, for instance, choose to keep your critical illness insurance coverage until your mortgage is paid off or until you turn 75, when the policy’s automatic termination normally takes effect.
It’s important to declare all pre-existing medical disorders when applying for a critical illness insurance policy with Daddy Insurance because the insurer will frequently ask you to fill out a health questionnaire and may ask to see your medical documents.
The cost of critical illness cover for dads will increase if you appear to be more risky (for example, if you have a demanding or active job and/or a history of catastrophic illness in your family). It will then take all your information into account to estimate the monthly premium you would need to pay.
Once the critical illness insurance coverage is activated, you can submit a claim if one of the mentioned illnesses is discovered in you; however, it will not be reimbursed if you pass away (life insurance covers that). Once you receive the lump sum pay out, you can use it tax-free to settle your debts, make up for lost income, pay your monthly payments, or cover medical costs.
What Is Covered Under a Critical Illness Insurance Policy for Dads in the UK & NI?
Every insurer has slightly different requirements, but critical illness cover for dads covers any disease that could significantly and permanently harm you or your life. Nevertheless, different insurers may measure this differently; here are some exclusions to watch out for:
- Early-stage or low-risk malignancies might not be covered by all insurers. If you are given a diagnosis of breast or prostate cancer that is curable, certain companies may only pay a small amount of your lump sum. A less severe heart attack or stroke might not be included in the calculation as well.
- You will be questioned about any existing problems when you apply for critical illness coverage. When you purchase insurance, it won’t cover any ailments you currently have, and if you lie about your health status, your critical illness coverage may not be valid.
- Only if your critical illness has been correctly diagnosed by a medical professional will you receive your compensation. Many insurers require that your sickness be confirmed by a consultant with expertise in the related field.
Common Exclusions in Critical Illness Insurance Policies in the UK & NI
There are many conditions that prevent critical illness cover for dads from paying out at all. This can include the seriousness of the conditions you must obtain a diagnosis for; for instance, you might need to have ongoing symptoms to be eligible for benefits under the critical illness insurance policy.
When you reach a specific age or if you were aware of symptoms prior to purchasing the critical illness insurance policy, the insurer may also decide to stop providing critical illness coverage for certain conditions.
Additionally, most plans will also disallow critical illness insurance claims in cases where the sickness was brought on by self-harm, drug or alcohol addiction, or participation in dangerous or extreme sports. There are frequently timing restrictions as well, such as not being able to file a claim during the first 90 days of the policy’s existence or having your claim denied if you pass away within a month of receiving a critical illness diagnosis.
When Do I Need Critical Illness Cover as a Dad in the UK & NI?
Since there is no way of knowing as a dad when anything might occur in the future, it is preferable to take protective measures now if you believe you might need critical illness insurance. If you become extremely ill before purchasing critical illness cover for dads, your illness is likely to be excluded from the policy.
If you work for an employer, you may already be covered by employee benefits if you fall gravely ill. However, these frequently have a duration — Statutory Sick Pay only covers you for up to 28 weeks, and some major illnesses can have a far longer impact on your life. Finding out what benefits you are eligible for from your employer’s HR department is a good idea before deciding whether you want the added security that comes with critical illness cover for dads from Daddy Insurance.
How Much Critical Illness Cover Do I Need as a Dad in the UK & NI?
Critical illness cover for dads will require you to choose the lump sum you wish to insure if you decide critical illness insurance is right for you. This will be mostly based on your unique situation and the monthly amount you can reasonably afford.
Calculating your existing monthly expenses is a good place to start. Then, add a buffer for any unforeseen expenses related to a severe condition, such as commuting to and from a treatment facility, drug expenditures, or higher electricity bills to power medical equipment.
This should then provide you with a rough estimate to work with, which you can then multiply by as many months you’d prefer any payments to endure to determine a lump sum amount. As an illustration:
- £2,000 is required for monthly expenses.
- 120 is the number of months you need it to last (10 years).
- £240,000 is the total amount of critical illness cover required.
There are lots of factors that can affect the cost of critical illness cover for dads, including age, family history of illness, whether you’re a smoker, and your job or hobbies. If you have decided that critical illness cover is right for you, a general rule applies, never blindly go with a policy offered to you by your bank or direct with an insurer, as this can be the most expensive way.
Instead, use Daddy Insurance who can advise on what critical illness policy will meet your needs the most.
In most cases, critical illness cover for dads is offered as an add-on to your life insurance policy. It is usually cheaper to bundle up your critical illness cover with a life insurance policy, and with Daddy Insurance it couldn’t be easier.
The last thing a mum or dad wants to consider is their child developing a life-threatening illness in the future. However, it’s important to think about how you’d handle your finances if it did occur. Financial difficulties may arise if your child has a serious illness, especially if you (or your partner) must take time off work to care for them. Children’s critical illness coverage, an add-on to standard critical illness cover policies, can be beneficial in this situation.
