What is it?
Critical Illness cover would pay the lump-sum amount that you are covered for in the event of being diagnosed with something from a specified range of illnesses. The illnesses and conditions that are covered in a policy vary between insurance companies; however, most policies cover major critical illnesses like cancer, stroke and heart attack as well as upward of 40 and in some cases 50 other conditions.
Critical Illness cover can be standalone. This means that you are covered for critical illness cover only.
Critical Illness cover can also be arranged as an additional option to a Life Insurance policy. In this case, the policy would only pay out a maximum of one time but it would be on the earlier of diagnosis of a critical illness or death.
Like Life Insurance cover, it is available on a Level Term basis or a Decreasing Term basis.
Who is it for?
This type of plan is designed for those individuals or families who require a lump sum if they are diagnosed with a critical illness.
This lump sum could be useful to:-
- Repay a mortgage or other loan
- Cover the cost of time away from work
- Pay for necessary alterations to your home
Please be aware that the quality of cover and the illnesses covered can vary significantly between different providers. As experts we can help you find the plan that best meets your requirements.