Critical Illness Insurance

 

Critical Illness Cover is designed to help protect you financially by paying you a tax free lump sum if you suffer from one of a number of specified illnesses - usually including heart attacks, cancer, strokes, major organ transplants, permanent and total disability and other life threatening diseases.

 

The benefits can be used for any purpose, for example paying off debts, such as the mortgage; being able to change to a less stressful job without worrying about the drop in income; adapting the house or car to accommodate a wheelchair or having a good holiday to recuperate.

 

Critical Illness policies can be stand alone or written as an add-on to a Term Assurance Plan which allows for the lump sum to be paid not only on death, but also in the event of diagnosis of certain critical illnesses, such as Heart Attack, Stroke, Major Organ Transplant, Blindness, Total & Permanent Disability etc.

 

Critical Illness can be provided on either a guaranteed or reviewable premium basis. As with any coverage, it is important to be sure exactly which conditions the policy covers, and which it doesn't. A policy will be very specific as to the illnesses it will pay out for; critical illness policies can also range from basic coverage, which will include just the main critical illnesses such as cancer, to comprehensive policies that cover a more extensive range of conditions.

 

Death or Earlier Critical Illness

 

Pays out a lump sum, so that the life assured is protected for either death or critical illness. The policy will pay out on the first event and then ceases.