Considering just how many lives are affected by critical illnesses such as heart disease, cancer and stroke, it is surprising that more people do not take out critical illness insurance. It is typically more expensive than standard Life Insurance but that’s because its more likely to be used.
The principle is straightforward; in the event of one or more of the specified illnesses being diagnosed, the insurance company will pay out a lump sum after a specified survival period. Often, critical illness cover is combined with other types of insurance and may even provide an investment element so that, for example, a given sum will be paid out on the death of the insured.
Sometimes clients might consider taking out full life insurance cover and taking partial cover on critical illness cover to make the monthly payments more affordable. Â Talk to us about how we can tailor a package of protection to provide a level of cover that is acceptable to you at a price you can afford !