Critical Illness

We generally live longer these days, but unfortunately, we still fall ill. Who will pay your mortgage if you’re unable to work? You may have to pay for medical care and adapt your house to make your day-to-day life easier. A critical illness plan could help you do this.

Generally, run alongside a life assurance policy, critical illness policies cover an individual for a set period against a number of serious illnesses, diseases and medical conditions. It pays out a single tax-free lump sum on the diagnosis of one of the illnesses specified in the policy details. Diagnosis alone of one of the specified illnesses is sufficient to trigger payment. There is no requirement for loss of earnings or even for special medical treatment. Each critical insurance provider has their own definitions of illness. Pre-existing conditions may be excluded.

Examples of critical illnesses that might be covered include:

  • Stroke
  • Heart attack
  • Certain types and stages of cancer
  • Conditions such as multiple sclerosis
  • Major organ transplant
  • Parkinson’s disease
  • Alzheimer’s disease
  • Multiple sclerosis
  • Traumatic head injury

All protection policies have benefits and drawbacks. Drawbacks can include exclusions and limits to the amount of cover. We will discuss these with you before we make a recommendation.

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