What is Critical Illness Cover
Critical Illness Cover can be added at an extra cost when you take out either Life Insurance or Decreasing Life Insurance. It is designed to pay out on diagnosis of a specified critical illness during the length of the policy.
- Critical Illness Cover is designed to pay out on diagnosis of a specified critical illness including cancer, heart attack and stroke. Not all types of cancer are covered under critical illness plans. For example, a cancer needs to have spread or reached a specified severity to be covered.
- To make a claim for some illnesses, you need to have permanent symptoms.
- Advances in medicine and technology mean that traditional views of critical illnesses are constantly changing.
- Critical Illness Cover is not a savings or investment product and has no cash value unless a valid claim is made.
- It's essential that you give us all the information we ask for during the application and that it's accurate. If you fail to mention a medical condition, for example, we may not pay out in the event of a claim.
- If you stop paying the premiums before the end of your policy, your cover will end after 30 days and you will not get anything back.
- If a valid claim is made we’ll pay out your amount of cover in full once. After this happens, the policy will end and you’ll no longer have any cover. If a valid claim hasn’t been made by the end of the term, the policy will end and you won’t get any money back.
- You need to let us know if any of the information you gave us in your application changes before the plan starts.
- The main factors are your age, occupation, smoker status, health, the level of cover you need and type of contract that you choose. Normally, the older you are, the higher the premium. Your individual height, weight, medical history and lifestyle are all assessed.
- Once you've taken out cover your premiums are guaranteed and won't change unless you alter your policy.
- You'll have the option to pay your premiums monthly or annually. If you decide to pay annually you will receive a discount, giving you cheaper premiums. Find out how much you could save.