Critical Illness CoverCritical Illness Cover
Critical Illness Cover
What is it?
A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan. Where is differs from life insurance is that you do not need to pass away for the policy to pay out and it covers significantly more scenarios than just life insurance.
The most claimed areas of critical illness policies are Cancer, Heart Attack, Stroke and Multiple Sclerosis. However, the better polices on the market can cover you for as much as 60 illnesses. It’s also important to mention that the better policies on the market also make it easy to make a claim which is a really importnant consideration when taking out a policy.
Who is it for?
This type of plan is designed for those individuals or families who want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.
The quality of cover and the illnesses covered can vary significantly between different providers. As advisors we can help you find the plan that suits your requirements.