- Provides a tax-free lump sum
- Cover if diagnosed with a serious illness
- Available up to age 70
- Covers a wide range of illnesses
- Available as part of your life insurance policy
- Available as a standalone policy
Statistically, we are more likely to suffer from a critical illness during our working lives than to die.
Without cover protection in place, the loss of income due to a critical illness could result in a serious financial strain on your loved ones.
Critical illness cover (or critical illness insurance) provides a lump sum if you are diagnosed with a specified life-changing (but not terminal) illness, covered by your policy.
- Could you continue to meet mortgage repayments?
- Would you be able to fund your family's current lifestyle?
- Do you have sufficient savings to adapt to a new way of life?
A critical illness pay out is tax-free and can be used for whatever you deem necessary, including:
- Private medical treatment
- Necessary adaptations to your home
- Covering the loss of income if you are no longer able to work
- Enjoying with your family, such as a holiday
You may want to read the Association of British Insurers (ABI) definition of critical illness insurance.