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Protection
Critical Illness
A serious illness will inevitably involve radical lifestyle changes. The cost of your mortgage payments, other debts and general family expenses will still need to be met, as well as the possible finance necessary to adapt your home. A lump sum would make all the difference to the quality of life under these circumstances.
A very high proportion of people who suffer a major illness will survive for many years after diagnosis. So rather than effecting an ordinary life assurance policy, which only pays out the sum assured on death, a critical illness plan will pay the sum assured on diagnosis of specified illnesses. These normally include 'core conditions' such as heart attack, stroke, kidney failure, cancer, multiple sclerosis, major organ transplant, and so on.
The plan will also pay out on death, provided the insurance company has not already met a claim for Critical Illness under the policy.
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