Decreasing Critical Illness Extra
Pays out a lump sum in the event of death, earlier diagnosis of a terminal illness or meeting the definition of one of the named critical illnesses within the term of the plan. The sum assured reduces throughout the term at a rate chosen by the customer of 7%, 8%, 9% or 10% per annum.
This contract offers both guaranteed and reviewable premiums.
Amount of Cover
- No minimum sum assured. Driven by minimum premium.
- Maximum sum assured:
£3 million - if Specific Work Tasks definition under TPD applies, or
£2 million - if Own Occupation definition under TPD applies.
- The amount of cover decreases roughly in line with the way a repayment mortgage reduces during the term of the policy.
- The minimum term allowed is 5 years (2 years if Life Insurance with Critical Illness Cover or Critical Illness Extra is chosen).
- The maximum term allowed is 40 years.
- The minimum age to take out a policy is 18. It is possible for a life of another policy to be taken out on a 17 year old by an adult with insurable interest. This policy can then be placed in an Absolute trust with the 17 year old as the beneficiary.
- The minimum age at the end of the policy is 29.
- The maximum age for buying a policy is 64.
- The policy must end by their 70th birthday.
- Payable monthly or annually by Direct Debit.
- Children's Critical Illness Extra (available for an additional cost)
- Legal & General GP24 Service (available for an additional cost on critical illness products purchased on/after 27 November 2017. Not available for business protection plans or if reviewable premiums are chosen.
- Immediate Cover
- Total and Permanent Disability
- Waiver of Premium (WOP)
Benefits automatically included
- For joint life policies, benefit is paid on the first critical illness claim or death, whichever occurs first.