What
is it? Critical
illness insurance pays you a lump sum if you become seriously ill. Most
critical illness policies are restricted to a limited list of illnesses.
So there's
a problem if you get a critical illness which is not one of those covered... you'd
be wise to do some research into what isn't covered and how likely you are to
get it. If
you can, try to check out your family health history as that will give indicators
to possible future health problems. Be careful what you say to your doctor about
this though as their notes could be viewed by the insurers... To
avoid the danger of being caught out by an illness which isn't on the list covered,
consider Long
Term Income Protection If
you get a payment you can do what you like with the money. Critical
illness insurance is often used for "business protection"
reasons. (If the key players in a business become seriously ill it can have major
commercial implications).
Summary
of Cover A
critical illness policy is an insurance policy, which pays out a lump sum on diagnosis
of serious illness. However it usually has to be an illness on a list agreed beforehand. The
term and sum to be insured are decided at the outset. If
a critical illness is diagnosed during the specified term then the sum insured
is paid out. If
you have not suffered any serious illness at the end of the term then the plan
ceases and nothing is paid out. The
plan can be set up on a single or joint life basis and can be added to either
Level Term or Mortgage Protection Assurance.
Want
a quote
now?
There
are hundreds of insurance brokers out there waiting to give you a quote. The problem
is they vary greatly in price and quality. The
best thing is to have one recommended by word of mouth. However
if you can't find one that way, we've had a careful look around and have identified
the ones we believe offer the best value. Go
to the best quote
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