Serious Illness Cover

Serious Illness/Critical Illness Insurance pays out a tax-free lump sum if you are diagnosed with one of the specific illnesses or disabilities that your policy covers. It can be provided as an extra benefit on a Life Assurance or Mortgage protection policy or it can be provided as a standalone product.

Typically a policy will cover Cancer, Heart Attack, MS, Stroke, Parkinson’s, Alzheimer’s etc.

However, each Life Company has a different product offering and it is important to review them to ensure you have the best one, at the best price.

You may want to consider serious illness insurance if:
> you have either no or insufficient health cover
> you are not in paid employment, so cannot buy income protection insurance
> you have a mortgage, personal loans or other debts that you would still have to pay even if you became seriously ill and possibly unable to earn an income.

You can claim the benefit on your policy only if:
> the illness you develop is one of the specific illnesses your policy covers
> a medical diagnosis confirms that your illness matches the definition of that illness outlined in your policy terms and conditions
> you survive for a period after you are diagnosed. This period may be seven or fourteen days, depending on the policy.

You must meet all three conditions to claim your policy benefit.