Critical Illness Cover

You probably have life insurance for when you die…
But what insurance do you have in place in case you live?

What is Critical Illness Cover?

Critical illness cover will pay out a cash lump sum if you are diagnosed, and survive, any of a range of qualifying critical illnesses during the term of the policy. It is up to you how you spend the money.

The types and range of critical illnesses covered vary from company to company, so it is vital that you read and understand the insurance company’s key facts document before you apply for your critical illness policy.

You can choose both the term of the policy and the level of cover, although some restrictions may apply.

Why do I need Critical Illness Cover?

If you are concerned about the possible additional expenditure, which would arise if you were to suffer from a serious medical condition (heart attack, stroke etc.), then you should seriously consider setting up a Critical Illness Cover policy. Suffering from a critical illness might render you unfit to work (albeit possibly only temporarily) and you might also need to obtain nursing care or make expensive adjustment to your home.

Finding out that you have a critical illness is devastating. Discovering that you do not have the right protection in place to help you get through it financially just doesn’t bear thinking about.

What are the typical options available?

Critical illness protection policies can typically be split into three types:

Death OR Earlier Critical Illness - pays on either death or critical illness but not both.

Death AND Critical Illness - pays on critical illness and death. Once a claim has been made against a critical illness, further critical illness claims cannot be made.

Stand alone Critical Illness - pays out once on diagnosis of a qualifying critical illness during the policy term.

If I made a claim would the policy pay out immediately?

Most policies require that you survive for a specified period following a critical illness diagnosis, typically 14 days to 3 months. This varies from company to company and will be quoted in the key facts documents.

For further information and to obtain a personalised quotation please contact us.


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