What is the best critical illness cover in 2024?

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Moneyfacts Product Experts undertake an annual review of all the critical illness products available in the UK. They take a whole-of-market look at critical illness cover, collecting over 70 fields of information for each individual product before analysing and comparing them to produce ratings. Those that offer the best range of features and benefits are awarded a top rating of five stars.

The chart below shows a selection of those awarded four and five stars. View the full list of winners at the end of this page.

Consumers can have total confidence that the Moneyfacts Annual Star Ratings, carried out by our team of experienced product experts, are both independent and impartial. We provide consumers with an expert analysis of the whole market, so they can feel assured that the critical illness policies that we score highly really are the best on offer.

Numerous areas are considered when assessing the ratings for critical illness cover. Some of these include:

Click the headings below to see the full list of star ratings awarded.

Critical illness cover explained

There are some conditions that tend to be included as standard in a critical illness policy, examples of which include:

• Heart attack
• Stroke
• Certain types of cancer
• Organ failure/transplant

Things like multiple sclerosis, Parkinson’s disease and Alzheimer’s are often included too, as well as permanent disabilities because of illness or injury. The exact conditions covered will vary between providers – the most comprehensive of which can cover around 50 conditions – though it may be possible to add specific illnesses to your policy for an additional charge.

Things that are not covered include hereditary illnesses, pre-existing conditions and temporary illnesses. Bear in mind too that some policies will require you to be exhibiting permanent symptoms before you’ll be able to claim. It’s vital to compare critical illness cover before you make your decision so you can be confident you’re getting the cover that’s right for you.

Critical illness and life insurance cover are often bought as a package, with critical illness either being an add-on feature or a standard part of the policy. Having both forms of cover means you’ll be protected in the event you’re diagnosed with a covered medical condition, and/or when you pass away, depending on your policy’s specific terms.

For example, you might have what’s known as additional cover, in which case you (or your loved ones) will receive a payout on your death as well as if you’re diagnosed with a critical illness beforehand. Combined cover will only pay out in one instance, so if you’re diagnosed with a critical illness, you’ll receive the pre-agreed payout but the policy ends, with no life insurance payout on your death. Similarly, you may be able to choose between joint and single life cover, with the former usually only paying out once, to whoever falls ill or dies first.

There’s no legal requirement to have mortgage critical illness cover, though for many, it’s worth considering, for the simple reason that if you fell ill and were unable to work it could be difficult to meet the mortgage repayments. This is why people often like to arrange enough cover to pay off the mortgage balance.

Bear in mind that life insurance is often taken out alongside a mortgage, in which case critical illness cover may already be included.

This depends on a whole range of different factors, including:

• The type of policy you choose (a single or joint policy, for example, or whether it’s an add-on to life insurance or a standalone policy)
• Your age (typically speaking, the earlier you take out cover, the cheaper the premiums will be)
• Your health/medical history
• Your occupation (some occupations carry higher risk of developing health problems)
• Your lifestyle (including whether you smoke)
• The level of cover you take out.

Your policy will always be tailored to your individual needs and will be priced accordingly. The best critical illness cover isn’t necessarily the cheapest, so it’s worth comparing the options thoroughly to make sure you’re getting the protection you need.

The main downside to taking out critical illness insurance is that not all conditions are covered, and if you happen to be diagnosed with an illness not included in your policy, you could find yourself in financial difficulty yet unable to fall back on your insurance plan. Premiums can be expensive, too, and some policies can be particularly complex, while in some cases you may not even need it – if you’ve got an employee benefits package that pays out compensation should you fall ill during your service, you may already have a financial fallback.

That said, for many people, critical illness cover can provide valuable peace of mind – but it’s vital to choose wisely.