Critical Illness Cover

If you are diagnosed with a critical illness, your finances are the last thing you want to think about but the sad reality is you may need to take time off work for your treatment and recovery.

Critical illness cover (CIC) is designed to help, paying out a tax free lump sum when you are diagnosed with one of the defined critical illnesses covered by your policy.  

Many people buy critical illness cover that will clear their mortgage balance if they become seriously ill. This can sometimes prove cost prohibitive, if so your adviser will be able to work with pretty much any budget to get you the cover you desire.

At Advantage we have the tools and experience to work out what sort of sums your family would need in order to live comfortably if you were to develop a serious illness and no longer be able to work.

The exact illnesses covered by critical illness policies vary between providers. Some insurers offer over definitions on their plan, it’s important not to get too caught up in the definitions. Over 75% of claims fall within what the industry calls the ‘Big Four’. Any guesses on what these ‘Big Four’ include? Unsurprisingly the overwhelmingly most claimed upon definition is Cancer, followed by Heart Attack, Stroke and Multiple Sclerosis.

Most modern policies include specific cover for your children when you take out a policy. You can often enhance this cover at a cost.

There’s so much to consider with critical illness cover, each insurer is different with some having family extensons available, some offering cover for over 100 conditions and some offering extras like remote GP access. The list goes on! Give us a call today to speak to an adviser who can talk you through all of the options available.

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