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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 assurance 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 serious 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.
The quality of cover and the illnesses covered can vary significantly between different providers. A policy may not cover all definitions of a Critical Illness. For definitions of illnesses covered, please refer to the Key Features and Policy documents of the provider.
As advisors we can help you find the plan that best meets your requirements.
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 the cover will lapse.