Critical Illness
What is critical illness insurance?
Critical illness insurance provides a lump sum if you are diagnosed as having a specified critical illness and survive for an agreed length of time after the diagnosis. You can choose the amount of cover and how long you require the cover.
Life assurance with critical illness insurance (decreasing cover) provides a lump sum to repay the capital outstanding under a standard 'repayment' mortgage if:
- You die within the selected term of the policy; or
- You are diagnosed as having a specified critical illness within the selected term of the policy; or
- You become totally and permanently disabled within the selected term of the policy, subject to a twelve month continued disability period; or
- You are diagnosed as having a terminal illness before the last year of the selected term of the policy.
You can choose the amount of cover and how long you require the cover.
Why take out critical illness insurance?
There are several reasons why critical illness insurance may be important to you. It can help:
- Provide for you and your family in the event of your illness, including helping to pay off your mortgage and other outstanding loans; or
- With the cost of modifying your home and purchasing or adapting a car if you are left totally and permanently disabled; or
- Cover the cost of obtaining adequate rehabilitation from the critical illness or any cost of covering private health care if suitable NHS treatment is not available, or if there is a long waiting list.