Each year nearly a million people in the UK find themselves unable to work due to a serious illness or injury, many as a result of so-called "critical illnesses" such as heart attack, stroke or cancer. Treatments and survival rates for these illness are improving all the time, but if you couldn’t work due to a serious illness, how would you manage? Could you survive on savings, or on sick pay from work? Would you want to pay off your mortgage or have funds to pay for adjustments in your home or lifestyle? You might want to consider critical illness insurance.
What is It?
It is designed to pay a lump sum if you are diagnosed with a critical illness or disability. It covers specific critical illnesses set out in your policy, (usually long term/serious conditions).
How Does It Work?
You choose the sum paid out – the larger the amount, the higher the cost of the premium. Cover lasts for the period you choose, e.g. until your mortgage is paid, or until you retire. Payments stop when you are able to return to work, retire or the policy ends.
Can You Claim More Than Once?
Not usually. The policy generally only pays out for one claim, for the total amount of cover. Some policies also pay out a smaller amount for less serious conditions.
Why Might I Need It?
To pay off the mortgage, pay bills or adapt your house, if you are diagnosed with one of the serious illnesses set out in the policy.
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