Critical Illness Insurance

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Critical Illness Cover (CIC) or serious illness cover (SIC) pays out a tax free cash lump sum upon the diagnosis of an illness that is covered by the insurer. This money can be used to repay a mortgage, replace your income, convert or adapt your property to make life more comfortable or even to pay for the holiday of a lifetime. Different insurers offer cover for different conditions at different rates.

There are a number of different options to consider.

How much cover do you need?

The amount of cover is known as the sum assured. Critical Illness Cover or Serious Illness Cover can be set up to cover the balance of your mortgage plus fees or for a different amount based on other liabilities, or a figure you choose to provide extra support to your family.

What type of cover do you need?

Policies can be set up at a fixed amount of cover which is called level term or on a decreasing basis, where the cover decreases over the term of the policy.

As with all insurance policies, conditions and exclusions will apply.

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