- About us
- Country Guides
- Financial Services
- Contact us
Critical illness cover, also known as ‘CIC’ or critical illness insurance is an insurance product which pays out a one-off tax-free lump sum to holders who contract a serious illness that is listed within the policy.
This lump sum can help cover costs including expert treatment, rent, debts, or specialist equipment you may require.
This blog will analyse, what’s included in the cover, who needs it, what affects the price and how to set it up through your financial adviser.
READ MORE: Do I Need Life Insurance?
READ MORE: Offshore Accounts: The Easiest Way to Protect Your Wealth
Critical illness cover pays out a lump sum to policyholders if they get one of the medical conditions or impairments which are listed within the policy.
It is important to know that not all medical conditions are covered within a policy, moreover, the policy will often state the degree of severity, an illness must be, in order for the policy to payout.
Some life insurance policies are packaged with critical illness cover, others are not. Ensure you understand what level of cover you have by speaking with your financial adviser.
A further inclusion is often TPD (total permanent disability) which will payout if the policyholder falls victim to a certain level of disability (defined within the policy)
Critical illnesses which are commonly covered include:
When the insurance pays out, the policy ends. The insurance will only pay out once.
Not all serious illnesses are covered, each insurance provider will have different set conditions. Moreover, pre-existing health conditions are unlikely to be covered. You must ensure you read and fully understand your policy guidelines.
You should consider critical illness cover if your;
Receiving a critical illness payout can make your life a lot easier during what can be an extremely difficult time.
The cost of cover depends on factors including;
If you are already a client, please contact your financial adviser who will be happy to talk you through the options available.
If you are not yet a client, please follow this link to find out more.