Critical Illness Cover

Critical Illness Cover

Critical illness cover is a form of protection policy that pays out a lump sum on the diagnosis of a serious or critical illness covered by the policy. Policies usually require that the individual survives a set number of days before the lump sum be paid out.

The types of serious illness usually covered by critical illness policies include some types of cancer, heart attack, stroke and even loss of limbs. The illnesses covered can vary from policy to policy so it is important that an individual taking out such cover fully understands the products inclusions and limitations.

A critical illness policy may be used to pay for medical treatment, adaptations to the home such as mobility aids, special equipment etc or to pay off a mortgage. There are in fact no restrictions as to what it can be used for.

It is important to note however that this type of cover pays out a lump sum rather than an income.

Premiums are either reviewable or guaranteed and tend to rise with age. The costs will also depend on your personal medical history and that of your family. Critical illness cover is often included alongside a life insurance plan and will often reduce the cost of critical illness cover.

It is important to ensure that you get the right cover and ensure that such policies meet your individual needs. The information provided here shouldn’t replace getting the correct advice.


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