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This insurance is designed to pay out a lump sum in the event you are diagnosed or suffering from a critical illness, think cancer, heart issues, strokes and a whole host of other life changing diseases and illnesses. Research is really important here, think of a Heart attack, if you suffer a heart attack you want to make sure the policy you bought will pay out but you would be surprised in the differences to the criteria which needs to be met for a successful claim, I use sophisticated software to get you the best I can for your budget but no policy will ever cover everything...
Lee Martin
Senior Mortgage & Protection Adviser
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Critical illness insurance pays out when a defined medical event occurs. For example, following a heart attack, stroke, cancer or some other specifically defined critical illness.
Cover is for a set term, which may be equal to a mortgage term, or for when children have grown up, until retirement, or until another life stage milestone is achieved. It may be worth considering having one policy for a set term to cover the mortgage, and another that will provide money to help provide for your different lifestyle if a serious illness happens.
Most people choose a lump sum to be paid out. There is the option of receiving the payout as a set income over the term remaining, which is often a lower cost option.
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Warning Text
IF THE POLICY HAS NO INVESTMENT ELEMENT THEN IT WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
THE POLICY MAY NOT COVER ALL THE DEFINITIONS OF A CRITICAL ILLNESS. FOR DEFINITIONS PLEASE REFER TO THE KEY FEATURES AND POLICY DOCUMENT.
THE VALUE OF THE INVESTMENT CAN GO DOWN AS WELL AS UP AND YOU MAY NOT GET BACK AS MUCH AS YOU PUT IN.
