Critical Illness Cover

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What is Critical Illness Cover?

Critical illness cover (CIC) provides a lump sum if you're diagnosed with a specified illness during a set period of time. It can be bought independently, but is usually added to to a life insurance policy to give additional protection for you and your family.

How does it work?

You pay a monthly premium to an insurer, and if you're diagnosed with a specified critical illness within the period of cover you've chosen, the insurer will pay an agreed lump-sum to you and your family.

Depending on the provider and type of cover you've chosen, some policies will expire after you've received a payout for CIC. Others will give some payout and continue to cover you for your death until the end of the term, but these tend to be more expensive.

For this reason it's worth thinking about how you'd like to be protected with critical illness cover and in what circumstances. Be sure to check the policy wording for each insurer to properly understand the situations in which you'll receive a payout.

Be aware that critical illness cover will not cover all illnesses, and the critical illness would have to be one of those listed by the insurer in their policy. Monthly premium payments must be upheld to ensure the policy remains valid and like all term policies, if you do not die within the period, your policy will then expire.

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Amount of cover

For how long

Amount of cover required

Sum Assured
The sum assured is the amount that will be paid out in the event of a successful claim on a level or decreasing policy. The amount of cover you require should be calculated based on the balance of any outstanding debts that you would want paid off combined with any additional money you would want to leave your dependents for living expenses.

Term
The term is how long the policy will cover you for. This can be determined by things like the length of your mortgage. Most people choose to be covered until they reach more financial stability and/or are less depended on, e.g. when their mortgage is paid-off or when their children have left home.

I'd like life cover for:

Just me

Me and my partner

Date of birth

Occupation

Telephone

Have you smoked or taken any nicotine products in the last 12 months?
Yes

No

Your Partner

Date of birth

Occupation

Has your partner smoked or taken any nicotine products in the last 12 months?
Yes

No

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Need Life Insurance Advice call today on 01639 860111

If any personal issues, such as health conditions, family arrangements or the size of your estate, mean that your financial situation is complex, you may benefit from personalised financial advice.

As independent financial advisers based in South Wales, we can provide guidance in these areas to help you effectively manage your finances and find the life insurance policy that will give you the security you need.