Critical Illness Insurance
A lump sum right when you need it most, so a serious diagnosis doesn't also become a financial problem.
Who this insurance is for
Families with fixed commitments
If you have a mortgage, rent or children to support, the bills keep coming even when everything at home has come to a stop. Having cash available gives you room to get organised without rushing.
Self-employed people and professionals
When your income depends on you being able to work, a long illness affects your health and your business at the same time. It's worth having thought in advance about how to cover that gap.
Anyone who already has life insurance
Many life policies can include a critical illness capital advance. We review yours to find out whether you have it, on what terms, and whether it suits you.
What to consider before taking out cover
The specific cover, the illnesses included and their limits depend on the insurer and the option you choose. At Retuerto y Asociados we put them in writing before you decide.
Critical illness capital advance
This is one of the standard covers on our life insurance. What proportion of the capital is advanced, and under what circumstances, is set by each policy.
Which illnesses the policy covers
Check which illnesses are included and, above all, how they're defined. There's no list common to all insurers: what counts is what's written in your terms.
Waiting period
Ask from when the cover applies. It's common for there to be a waiting period, and its length depends on the insurer: ask for it in writing.
Additional or advanced capital
Check whether what you receive on diagnosis is deducted from the death benefit or paid on top of it. It makes a big difference to what's left afterwards for your family.
Health questionnaire and exclusions
Ask how the insurer treats pre-existing conditions and what exclusions apply. Answering the questionnaire accurately avoids problems on the day you need to make a claim.
Ages, duration and requirements to claim
Ask up to what age you can take out and keep the cover, what medical documentation is required for payment, and whether there's any deadline or condition after the diagnosis.
How it works
The idea is simple: if you're diagnosed with one of the illnesses the policy defines as critical, the insurer pays you a lump sum. It doesn't reimburse medical bills or give you access to a network of specialists; it hands you money to use as you need, whether to cover household bills while you can't work, to adapt your home, or to pay for travel and care.
On our website, this cover appears as a critical illness capital advance within life insurance: instead of waiting until death, part of the capital taken out can be paid while you're alive when the diagnosis occurs. There are also products on the market where critical illness cover is taken out separately or as an add-on. We explain what each insurer offers and how it would be reflected in your policy.
When the time comes, the process involves reporting the diagnosis to the insurer and providing whatever medical reports it requests. At Retuerto y Asociados we handle that process with you, from gathering the documentation to following the claim through to payment.
What's worth knowing
It doesn't replace health insurance. Health insurance gives you access to private healthcare (specialists, diagnostic tests, hospitalisation and a second medical opinion); the critical illness cover gives you liquidity. These are different needs, and many families end up combining both.
It's also not the same as accident insurance, which only responds when the harm is caused by an accident, nor the same as our special long-term care insurance, which pays an income or a lump sum when severe or major dependency is recognised, whether it results from an accident or an illness.
The small print matters here more than in almost any other type of insurance. Two policies can call an illness by the same name and define it differently, with different requirements for payment. That's why we ask you not to compare on price alone: we compare the definitions, the waiting period and the exclusions in writing before you choose.
What to weigh up before taking out cover
Start from your own figures: how much your family would need to keep up with fixed expenses for a few months without your income, what savings you have, and what other policies already protect you. That's what should decide the sum insured, not a round figure. If you already have life insurance, for example one linked to your mortgage, bring it in: it may already include this cover, or it may be worth topping it up. On your state of health, your treatment or your medical decisions, your doctor is always the reference point; we take care of the insurance side.
Frequently asked questions
Which illnesses does it cover?
Whichever the policy expressly defines, and each insurer has its own list and its own definitions. There's no list common to the whole market, so we show you in writing the one for each option we propose.
Do I have to stop working to be paid?
In most approaches, what triggers payment is the diagnosis of an included illness, not being signed off work. Even so, the specific requirements are set by each policy, and we go through them with you before you take out cover.
How is it different from my health insurance?
Health insurance gives you private medical care; this cover pays you a lump sum you can use freely. One takes care of your medical treatment and the other of your finances, which is why they complement each other.
If I claim the advance, does my family lose the life cover?
It depends on how the policy is structured. If it's an advance, what you receive is usually deducted from the death benefit your beneficiaries would later receive; if it's additional cover, it isn't. It's one of the first things we check.
Can I take it out if I've already had an illness?
It depends on the insurer and on what you declare in the health questionnaire. It may be accepted with exclusions, on different terms, or not accepted at all. Tell us about your case and we'll check with several insurers on your behalf.
From when am I covered?
From the end of whatever waiting period the policy sets, if there is one. Its length varies by insurer, which is why we set it out in writing in the comparison.
Related articles
What Is Critical Illness Insurance?
How the capital-on-diagnosis benefit works and how it differs from life, health, accident and incapacity insurance.
Read
Critical Diagnosis and Family Finances
What expenses appear, what income falls, and how to prepare your household finances before you need it.
Read
Self-Employed and Critical Illness
How to protect your income and keep your business running if a critical illness forces you to stop.
ReadWhat an Insurance Broker Really Is
The broker is the expert who mediates between the insurance company and the client, representing the insured party and their interests, rather than the insurer alone.
We are the only professionals legally qualified and authorised to advise with strict independence and impartiality from insurance companies.
- We compare the marketAdvice based on an objective analysis of contracts from a sufficient number of insurers.
- It costs you nothingThe broker is paid by the insurer in the form of commissions. In principle, the service costs the client nothing.
- We take care of everythingFrom taking out the policy to the claim, if one arises.
- We defend your interestsBefore the insurer, just as a lawyer would.
Other insurance for individuals
Life
Protects your family in the event of sudden death or permanent disability.
View insurance
Health
Access to private healthcare: specialists, diagnostic tests and hospitalisation, with or without a co-payment.
View insurance
Accidents
Covers costs arising from an accident and pays compensation for death or disability.
View insurance
Special Long-Term Care Insurance
Very affordable and available at any age: no one is exempt from the risk of ending up in a situation of dependency.
View insurance
Funeral Insurance
Covers material needs and supports the family when a loved one dies.
View insurance
Retirement
Life insurance with a strong savings component that covers retirement, disability and death.
View insuranceWhat people tend to believe, and what actually happens
Five ideas we often hear that turn out to be costly on the day there's a claim.
"Going it alone is cheaper for me."
The broker costs you nothing: the insurer pays them. And we compare several insurers at once that you'd otherwise have to approach one by one.
"All policies are the same."
Two policies at the same price can have very different limits, excesses and exclusions. What matters is what the terms say on the day of the claim.
"The broker works for the insurer."
The broker represents the insured party and their interests. It's the insurer's agent who represents the company, and that's a different role altogether.
"If I have a claim, I'll sort it out myself."
How the claim is opened and documented shapes everything that follows. We handle it, and the claim process too.
"Switching insurer is a hassle."
We handle it for you, including cancelling the previous policy in time so it doesn't renew on its own.
"The compulsory cover is enough for me."
The legal minimum covers what you cause to third parties, not what happens to you. That's the difference between a scare and a real problem.
Shall we prepare you a critical illness insurance quote?
Tell us about your situation and we'll send you a comparison of the best options on the market, the best support for making the right decision.
- No obligationWe give you the price and the cover; you decide.
- No costAs brokers, we're paid by the insurer, not by you.
- Fast responseDuring office hours, usually the same day.
What questions do you have?
We'll get back to you with a critical illness insurance quote and a tailored comparison.
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Prefer to talk? Call us on 922 235 203 or message us on WhatsApp at 667 420 381.