Critical illness cover (CIC) will pay out a tax-free lump sum if you are diagnosed with one of a number of specified serious illnesses or medical conditions. The most common conditions that have been claimed on are cancer, heart attack and stroke, however the average insurer will cover up to another 40 other serious/critical conditions.
If you are ever diagnosed with a life threatening condition, the last thing you want to be worrying about during such a stressful time is paying bills or meeting your mortgage payments. The payment of a lump sum of cash at this time would most likely ease the pressure, provide financial support and offer peace of mind.
Alongside this, CIC can also help with the additional expenses that come with your medical condition, be it paying for better-quality treatment or covering adaptations to your home, like mobility aids and special equipment.
WHAT DO I NEED TO KNOW ABOUT CRITICAL ILLNESS COVER?
Although standalone CIC will pay out a lump sum if you get a serious illness, many clients opt for CIC alongside Life Insurance. This means your policy will pay out upon diagnosis but you will also still have your life cover in place, so your dependents would receive a payment if you were to die unexpectedly.
Equally, combined Life Insurance and CIC can prove a more affordable alternative to having two separate policies. This option provides one payment upon the first event, causing the other policy to cease if claimed.
CIC is also available as part of a mortgage protection policy, allowing enough life and critical illness cover to protect your mortgage. If you have a repayment mortgage, you can choose a policy which decreases alongside the debt, allowing the mortgage to be paid off in full if you die or are diagnosed with a specified condition.
HOW CAN ENNESS HELP WITH CRITICAL ILLNESS COVER?
We would always recommend consulting an independent and expert insurance broker for specialist advice on the best premiums and terms available to you, tailored to your individual needs.
We understand the importance of protecting you and your family financially in any kind of unfortunate and tragic circumstance, and are committed to finding you the best possible policy as part of our service.