Finding The Best Plan
What is it?
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 insurance policy as an additional benefit but can also be a standalone plan.
Who is it for?
This type of plan is designed for those individuals or families who want a lump sum if they are diagnosed with a Critical Illness. As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.
It can even include cover for your children.
The quality of cover and the illnesses covered can vary significantly between different providers. As advisers we can help you find the plan that best meets your requirements.
How would suffering a critical illness affect you and your family?
The plan will have no cash in value at any time and will cease at the end of the term.
If premiums are not maintained, then cover will lapse.
Critical illness plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document if you go ahead with a plan.
