Critical Illness
Critical illness cover
You often realise how valuable critical illness cover is only when you need to make a claim.
Heart disease, cancer and stroke affect many lives, so it is surprising that more people don’t take out this type of cover.
How it works
The principle is straightforward. If you are diagnosed with one of the illnesses specified in your policy, the insurer pays a lump sum, usually after a specified survival period.
Critical illness cover is often combined with other types of insurance. Some policies include an element of life cover, so that a set sum is also paid out if you die.
Check what’s covered
Critical illness policies don’t cover every form of illness. For example, only certain types of cancer, heart attack and stroke are covered, and each policy sets out exactly which ones. Check the policy carefully before you buy.
IF THE POLICY HAS NO INVESTMENT ELEMENT, THEN IT WILL HAVE NO CASH-IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, COVER WILL LAPSE.
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.
