Critical Illness Cover

Critical illness cover is an insurance policy  which pays out a lump sum of cash if the policyholder is diagnosed with specific condition . Most insurer cover three main conditions i.e. Cancer, Stroke and Heart attack but some insurer can add more conditions at extra cost. Critical Illness insurance is not relevant to the people with mortgage but it is useful for anyone. When the policy pays out you can use the lump sum for any purpose that suits your situation. You can can use it to pay full or part of your mortgage or can use this money for private treatment as with medical care there are higher chances of survival than passing away with illness. When you take a Critical Illness Cover you can also add your children in cover.

A Critical Illness Cover is different from Income Protection Insurance. Income Protection Insurance covers you for minor sickness/ injuries and pays monthly income up to a certain period of time while Critical Illness Cover pays out a lump sum if you are diagnosed with specific serious illnesses that are covered in the policy. So, Income Protection Insurance cannot be an alternative for Critical Illness Covers.

Critical Illness Cover also differs from Terminal Illness Cover. A Terminal Illness Cover pays out if you are diagnosed with an illness in which the  doctors can confirm that you can survive up to a specified time, while Critical Illness Cover pays out a lump sum once you are diagnosed with a specified illness and can survive.

Critical Illness Cover is not straightforward and needs professional advice when you are taking a cover. If you are interested in a Critical Illness cover please contact us and  we can give you professional advice to choose the right cover for you.