Critical Illness Cover

Critical Illness Cover is also known as Serious Illness Cover.  This type of plan can either pay a one off lump sum or can provide an income if the policyholder is diagnosed with a serious illness during the term of the plan.

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It is sometimes be confused with and Income Protection policy but it has nothing to do with your ability to work or earn a living.  If you are diagnosed with a recognised Critical Illness under the policy it will pay out even of you were never to give up work.  It is your health that you insure.

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The main illnesses covered include Cancer, Heart Attack, Kidney Failure and Stroke, along with a long list of other serious conditions numbering as many as 40 in total with some providers.

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Most policies also have children’s cover built into them which means if any of your dependent children are diagnosed with any of the specified illnesses, the policy will also pay out a reduced sum assured usually 25% of the sum assured up to a maximum of £25,000.

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Critical Illness policies can be written for a specific term or on a whole of life basis.

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Critical illness 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.