Critical Illness Cover
Critical Illness Cover can help you take care of your financial commitments if you are diagnosed with a serious health condition.
Critical Illness Cover is a long-term insurance policy which covers a range of critical illnesses listed within the policy terms & conditions. If you are diagnosed with one of these medical conditions, a critical illness policy will pay out a one-off payment or regular income which can help pay for your mortgage or any other additional outgoings should you need it.
Examples of critical illnesses that might be covered include:
- Stroke
- Heart attack
- Certain types and stages of cancer
- Conditions such as multiple sclerosis
Most policies will also consider permanent disabilities as a result of injury or illness. But it only pays out once and then the policy ends.
Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.
Critical Illness Cover will pay out if you get one of the specific medical conditions or injuries listed in the policy.
But be aware that not all conditions are covered and the policy will also state how serious the condition must be.
Critical illness plans 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.
Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document if you go ahead with a plan.
As with all insurance policies, conditions and exclusions will apply.