Critical Illness
What is it?
A policy that pays out a lump sum on diagnosis of a serious condition, such as heart
disease or cancer.
Why do you need it?
Advances in medical science mean that more people are now surviving serious illness
than in previous years. While this is good news, many people are faced with the
realisation that they may not be able to return to work, or indeed, wish to.
Critical Illness is, in many ways, similar to Life Insurance with one big difference
– the insured is still alive!
Things to bear in mind
Critical Illness plans are built around the most common serious conditions anyone
may suffer, such as:
- Cancer*
- Coronary artery by-pass surgery
- Heart Attack*
- Kidney Failure
- Major Organ transplant
- Multiple Sclerosis
- Stroke
Some policies may include other illnesses such as Alzheimer’s and Parkinson’s disease.
Others include a list of other, less common, conditions, such as blindness or coma.
Critical illness is often bought as an optional extra on a life insurance contract.
*Not all types of heart attacks are covered
*Not all types of cancer are covered
