Critical Illness Cover
By taking out critical illness cover, your policy will pay out a tax-free lump sum if, during the term of your policy, you are diagnosed with one of a number of specified ‘critical’ illnesses or conditions.
Critical illness cover is usually available as an addition to all term assurance plans but can be bought on a stand-alone basis. Rather than waiting for death to occur, a critical illness policy will pay out a lump sum in the event a specified ‘critical’ illness’ or condition such as:
- Parkinson’s disease
- Multiple Sclerosis
- Heart attack or stroke
- Children’s critical illness
Many providers conform to the Association of British Insurers standards for qualifying illnesses, but the better ones enhance the definitions used to increase the conditions covered.
At Mortgage Advice Brokerage we will give you professional advice in a clear, concise way, and search the whole of the market to find the right product for you.
Once we have agreed on the best policy for your circumstances, we will liaise with the insurance company to ensure that your application is processed and accepted as quickly as possible.
Each policy differs, and the illnesses and conditions that you will be covered for will be determined at the outset and will be stipulated in the policy details. The lump sum will usually be paid if policyholders survive for a pre-determined period from the date they were first diagnosed.
The amount of critical illness cover you will need will depend on your circumstances and what you are comfortable with paying for the benefit received. We can provide examples and ideas of what amount of cover can be bought and at what cost.
There is no investment element to a critical illness policy.