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Types of Life Insurance: Critical Illness Cover
Critical illness cover is designed to pay out a guaranteed one-off payment if either you or your dependants run into financial trouble or become critically ill. Generally speaking, the number of illnesses covered by this type of insurance has been increasing over the years but there is, however, no standard format. Critical illness insurance varies from policy to policy but illnesses such as heart attack; paralysis, cancer and stroke are now usually covered by most. The last thing you need to be worrying about if you become critically ill is the possibility of loosing your house, or the financial welfare of those that depend on you. A simple way to ease these worries is to buy critical illness cover, or add to any of your existing policies.
If you do suffer from one of the specified illnesses, or need to undergo one of the stated surgical procedures for which you are covered, the policy will usually pay out a tax-free lump sum. This one-off payment has been designed to help you deal with financial responsibilities, allow you to undergo training for a new career or renovate parts of the home to suit your new needs. But don't fall into the common trap of confusing this type of cover with accident assurance or health insurance.
We can help you choose a policy and coverage most suited to your individual requirements from the huge range on offer. Critical illness cover can be added to a life insurance policy. And as so many people are interested in protecting their mortgage the majority of mortgage companies can arrange for their clients to include life and critical illness cover together. But you will be able to purchase critical illness cover as a separate policy.
