|
Credit Finance Centre - Critical Illness Life Assurance Cover is designed to pay out a lump sum or income benefit, currently free of income & capital gains tax, in the event that you are diagnosed with a serious or critical illness as defined by the Insurer.
The common critical illnesses covered include cancer, multiple sclerosis, kidney failure, stroke and heart attack.
Each policy is designed for particular illnesses and you may wish to carefully examine the policy wording before committing to one policy or seek professional advice.[Note the rules changed in April 2007 re Critical Illness Life Assurance Cover terms to simply matters.
Some term multiplan life or income protection insurance policies have a Critical Illness Life Assurance Cover option which you can add onto the plan
Flexible Mortgage - Critical illness. This is insurance to cover the policyholder against diagnosis of a critical illness such as cancer, heart attack, stroke or multiple sclerosis. A Critical Illness Benefit is an additional financial benefit, often a lump sum, paid on diagnosis of such critical illness. Critical illness cover bridges the gap left by life insurance which only pays out if you die. These days, people are surviving illnesses that were once fatal, but having survived, many people are unable to return to work or find that they have to pay for special medical care. Because traditional life assurance cannot meet these costs, health insurance companies now offer critical illness or dread disease cover. Some schemes also pay out on loss of sight and hearing, for major burns, and for any disease diagnosed as being terminal within 12 months. Very few cover AIDS and its related diseases. The cost of critical illness cover depends on your age, sex, lifestyle, whether you smoke, any pre-existing medical conditions and the amount of money you wish to insure yourself for when a critical illness is diagnosed. You may take out critical illness cover separately or as part of a life assurance plan and to meet mortgage repayments |
