Critical Illness Insurance

Critical illness insurance provides a capital sum (sum assured) upon diagnosis of a specified illness or condition e.g. cancer, heart disease or permanent total disability. Survival for a certain period, normally 14 days, from diagnosis is normally required. The policy can be arranged as a stand alone policy or as an add-on to a life policy e.g. level term assurance, mortgage protection or a whole life insurance policy.

Advantages:

Critical illness can strike at any time and the policy is designed to pay out on diagnosis of a specified condition which will provides financial peace of mind in a time of personal crisis
The proceeds from the policy are tax free
It is possible to protect yourself against a wide range of conditions and illnesses, and so it is important to choose the right policy for you

Disadvantages:

Premiums are more expensive compared to conventional life cover.
Comparing polices from different companies is difficult because terms and conditions can vary widely.
Medical evidence will be required and possibly a medical examination for those in poor health or those requiring significant levels of cover

For quotes & impartial advice talk to a specialist life insurance broker.