Critical Illness Insurance
Critical illness Cover is an insurance policy which is designed to pay out a lump sum in the event that the policy holder suffers a critical illness and survives for at least 28 days after diagnosis. The lump sum can be spent on anything but paying off your mortgage or improving lifestyle are the main objective as you may not be able to work after suffering a critical illness. It is designed to give people with mortgages some protection in the event that the policyholder cannot work.
Critical Illness policies cover the seven core illnesses but often providers will include more critical illnesses in the policy, but this varies depending on provider.
Seven Core Illnesses:
- Heart Attack
- Kidney Failure
- Coronary artery bypass
- Major Organ Transplant
- Multiple Sclerosis
There are over 200 variations of critical illness policies available so it makes sense to speak to one of our Independent Financial Advisers (IFA).
A critical illness policy is usually linked to a term life insurance policy.
Get The Most Suitable Mortgage for Your Needs