Critical illness cover is designed to pay out a lump sum of funds, just like life insurance does. However, the key difference is that this cover pays out on diagnosis of serious illnesses such as: cancer, heart attack, stroke and many more.
Since the policy pays out on diagnosis, the funds can potentially be used for things like: better medical treatment, funding time off work and making adjustments to your home to support a change in lifestyle.
Most of us know someone who has been diagnosed with a critical illness, especially cancer. Many of us will also know people who have been affected by such illnesses during their working lives, when they still need an earned income to survive.
When diagnosed with a critical illness, the most important factor is getting better. You should not have to worry about financial difficulties during this time. This is the need that critical illness cover aims to satisfy.
Critical illness cover is more complex than just life assurance, different providers offer different benefits. They also will cover different illnesses and vary in how comprehensive they are. We recommend speaking to one of our advisers to have a discussion about your needs and ultimately help you find the best provider and policy to suit your circumstances.