Life Insurance provides financial security in case of death; however, what about a serious illness? How would you and your family cope if are unable to earn your income while recovering from prolonged ill health? Critical Illness Insurance is an affordable solution that will provide a lump sum to alleviate financial stress and let you concentrate on recovery, while also helping you seek additional private care outside the NHS.
Critical Illness Cover can be added to Level Term Life Insurance or Mortgage Life Insurance policy. Each insurance provider defines their own list of covered illnesses, but in most cases cancer, heart attack and stroke are among the covered conditions.
You are able to choose the appropriate amount of coverage in case of a critical illness as well as the type of premiums. Premiums can be Guaranteed or Reviewable. Guaranteed premiums remain fixed, so they are simple and easy to budget within finances. Reviewable premiums can be lower than guaranteed premiums; however, they are reassessed every 5 years to ensure you are paying enough to provide the level of insurance you have chosen.
Life and critical illness cover has no cash value or investment component. In case you are unable to pay you premiums your coverage will end within 30 days from the last payment.