Critical Illness Cover

Critical illness cover

A critical illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often 'bolted on' to a life assurance policy as an additional benefit but can also be a standalone plan. 

This type of plan is designed for individuals or families whom want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a mortgage, or perhaps help you through a period where you might not be able to work. The lump sum could even be used to pay for any necessary alterations to your home if you were less mobile than before.

The quality of cover and the illnesses covered can vary significantly between different providers. A critical illness policy can provide other valuable cover such as children's critical illness cover.