Increasing Family and Personal Income Plan Critical Illness Cover or Critical Illness Extra
Pays out a monthly benefit with an option to commute to 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 contract offers reviewable premiums.
Amount of Cover
- No minimum monthly benefit. Driven by minimum premium.
- Maximum monthly benefit is £4,000 per month.
- The amount of cover increases in line with changes in the Retail Prices Index to help protect the cover against inflation.
- The minimum term allowed is 5 years.
- 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 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.
Benefits automatically included
- For joint life policies, benefit is paid on the first critical illness claim or death, whichever occurs first.
- Policies can be put into trust.