Critical Illness Cover

What is it?

• A Critical Illness plan is designed to pay out a tax-free lump sum on the diagnosis of certain specified illnesses. It is often combined with a life assurance policy as an additional benefit, but can also be a standalone plan.
• The policy may not cover all definitions of a critical illness. Each critical illness that is covered will be noted in the key features. For definitions of illnesses covered, please refer to the Key Features and Policy Documents that are issued to you.
• Illnesses covered are usually long-term and serious.
• Can be used to pay off mortgage, medical care or living expenses.
• Requires full medical underwriting.
• Not as extensive as income protection

Who is it for?

• This type of plan is designed for those individuals or families whom 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.