Critical illness policies are normally an addition to your life insurance policy, cover works just like a life insurance policy. If you are diagnosed with a critical illness which you survive the policy will payout a lump sum to you at a time when you really need to focus on recovering from your illness, rather than bills etc. The policy will help with the repayment of mortgages and other debt just as a life policy would do, so rather than worrying about finances you can concentrate on recovery.
Critical illness protection expires after a payout is issued, or when the policy term ends and there is no cash-in value.
A key benefit of critical illness cover is that you can spend the pay out as you wish, at a time when you may really need access to significant funds.
It is possible to take out critical illness cover both as part of a life insurance policy or as a stand-alone policy.
Benefits of a Critical illness policy
Things to consider
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