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Critical Illness Cover

Critical Illness Cover is there to help you and your loved ones, if you suffer a critical Illness. It is an insurance plan that pays out a guaranteed cash sum if you are diagnosed as suffering from a specified critical illness, within the term of the plan. The plan has no cash-in value at any time.

Why do I need Critical Illness Cover?

Should you be unfortunate enough to suffer a critical illness, the last thing you will want to be worrying about is money. Advances in medical science mean that the chances of surviving a critical illness are improving all the time. The cash sum you could receive from a critical illness plan could help you through the recovery period.

You may have to reduce your working hours, need to pay for medical care or have to adapt your house to make your day-to-day life easier. A critical illness plan could help all of this and more.

Critical illness cover is payable on the conclusive diagnosis of a pre specified critical illness. Some of the conditions covered in most benefits include (use these as a guide only):

  • Alzheimer’s Disease
  • Angioplasty
  • Aorta Graft surgery
  • Benign Brain Tumour
  • Blindness
  • Cancer
  • Coma
  • Coronary Artery By-Pass
  • Deafness
  • Heart Attack
  • Heart Valve Replacement
  • HIV/AIDS (under certain circumstances)
    •
  • Kidney Failure
  • Loss Of Limbs
  • Loss of Speech
  • Major Organ Transplant
  • Motor Neurone Disease
  • Multiple Sclerosis
  • Paralysis/Paraplegia
  • Parkinson’s Disease
  • Stroke
  • Third Degree Burns
  • Permanent Total Disability
    •

Critical illness cover will pay out a lump sum in much the same way as a life insurance policy.  One big difference is that the main beneficiary may well be you in addition to any loved ones.

As with life insurance you can choose decreasing or level term policy.

Decreasing Term

  1. Designed specifically to protect a repayment mortgage
  2. The cash lump sum payable covers the outstanding balance of the mortgage
  3. The actual amount paid out reduces as the plan goes on, in line with your mortgage balance decreasing

Or

Level Term

  1. Designed to provide financial security for you and your loved ones
  2. A set amount of cash is payable tax-free for the life of the plan
  3. Can be used for living costs, covering mortgage, children's education and more

You also need to consider single or joint basis. If the policyholder has not claimed when the policy expires no payment is made and, should the policyholder stop paying premiums at any stage, the policy has no value.

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