Critical Illness Cover
Critical illness cover is an insurance policy that pays out a lump sum to a policyholder if they are diagnosed with one of the conditions that is specified in their policy. A claim payment under critical illness cover is initiated upon the insured individual meeting the definition of one of the specified conditions stated in the terms of the policy.
The three main conditions covered by all critical illness insurance policies are cancer, heart attack and stroke. The wordings of these conditions as defined in the policy is governed by the minimum standards set out by the Association of British Insurers (ABI). In addition to the three core conditions, each individual insurer will have a range of other conditions covered under the policy.
A critical Illness Policy can be stand alone or can be combined with Life Insurance on either a lever term basis or a decreasing term basis.
The cost of your policy will be determined by several factors that are personal to you. These will include:
- The sum assured (The value of the cover you want)
- The policy term (How long you want it in place for)
- Health (Including pre-existing conditions)
- Smoker Status
For a no obligation discussion about your requirements…