Nationwide Bank Critical Illness Insurance
Critical illness insurance is designed to provide financial support if you’re diagnosed with a specific critical illness during the term of the policy.
Nationwide, a major financial institution, offers comprehensive Critical Illness Cover. This guide will assist you in understanding Nationwide’s Critical Illness Insurance, covering aspects such as the policy, its benefits, and the claim process.
What is Covered?
Nationwide’s Critical Illness Insurance offers a lump sum payment if you’re diagnosed with a critical illness that’s covered by the policy during its term. Typically, these include:
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Certain types and stages of cancer
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Heart attack
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Stroke
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Major organ transplant
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Kidney failure
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Alzheimer’s disease
Always refer to your policy documents for a complete list of covered illnesses, as not all types and stages of these conditions may be covered.
Benefits of Nationwide’s Critical Illness Insurance
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Lump sum payment: Upon diagnosis of a covered critical illness, a tax-free lump sum payment is given.
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Children’s cover: Nationwide’s policy usually includes coverage for your children at no additional cost.
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Additional support services: You’ll have access to expert medical and emotional support services.
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Flexible policy terms: You can select the length of your policy based on your individual needs.
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Clarity: Nationwide’s policies are designed to be straightforward, with clear terms and conditions.
How to Apply for Coverage
To apply for Nationwide’s Critical Illness Insurance, follow these steps:
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Get a quote: Begin by obtaining a quote online or over the phone. You’ll need to provide some personal information, including your age, lifestyle habits, and medical history.
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Choose your cover: Decide how much cover you need and the duration of the cover. The cost of your premium will depend on these factors, as well as your personal circumstances.
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Complete the application: Fill out the application form. It’s crucial to provide honest and accurate responses, as incorrect information could affect a future claim.
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Review and pay: Review your quote, confirm your details, and make the payment for your policy.
How to Make a Claim
If you need to make a claim, contact Nationwide’s claims department as soon as possible. You’ll need to provide:
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Your policy number
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Detailed information about your diagnosis
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Relevant medical documents from your doctor or specialist
Once your claim is submitted, Nationwide will review the information provided and keep you updated on the claim’s status. If your claim is approved, the lump sum payment will be made to you or your estate if you pass away.
Considerations
Before purchasing Critical Illness Insurance, consider your personal, financial, and health circumstances. It’s advisable to consult with a financial advisor to determine if this type of coverage is suitable for you. Please note that the policy will not cover all illnesses and will not pay out upon death unless it’s due to a covered critical illness within the policy term.
Conclusion
Nationwide’s Critical Illness Insurance can provide vital financial support if you’re diagnosed with a covered critical illness. It’s important to fully understand the policy’s coverage, benefits, and terms before making a purchase. Always refer to your policy documentation for full details of what is and isn’t covered.
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Frequently Asked Questions
Whose Products Do We Sell?
- We offer products from a range of insurers for life insurance and critical illness cover.
- We offer protection products from a limited number of insurers for Whole of Life and Over 50s plans. A list of insurers we offer insurance from is available on request.
- As we’re not tied to any ONE provider we are able to search our panel of insurers and find you the best price available to us.
- We sometimes get preferential rates on selling policies which we pass on to you.
- We are paid a commission by each insurer for setting up your policy – it costs you nothing to use our service.
What Service Do We Offer?
- We are authorised by the FCA to advise our client on their protection needs. Our advisers will assess your demands and needs and recommend a suitable product that will protect you and your family. We get to know our clients and help them to decide on the right cover for the right price from a panel of leading UK insurers.
- We will ask you a number of questions designed to make you think about the shortfall in your income in the event of the death of a partner or breadwinner. Our questions are simple and our advisers avoid jargon making it easy for clients to understand.
How Much Does Our Service Cost?
- NOTHING – We do not charge a fee for our service; however, if you take a policy out through us we will be paid by commission from the insurer, but it still costs you nothing.
- You will receive a quotation which will tell you about any policy premiums relating to any particular insurance policy.
- We will put your life insurance policy into TRUST for FREE – this means that it may not be counted as part of your estate when you pass away and could secure it from the taxman – why should you lose your payout to the taxman’s inheritance tax?