What is Critical illness?
A serious illness such as cancer or a heart attack, affects one in four women and one in five men before retirement age.
Critical illness is an insurance policy which pays out a lump sum on the diagnosis of a certain specified critical illness. The range of diseases covered have increased over the years although contracts do differ from one provider to the other. You normally must survive at least one month after becoming critically ill before the policy will pay out.
The Critical Illness lump sum can be used to pay either pay off the mortgage or be used to carry out certain adjustments to the home which may be required as a result of disability.
Critical Illness cover can provide a welcome financial boost at a time of emotional stress and financial hardship.
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