A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. As mentioned above, it is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be provided as a standalone plan. Cover for your children can also be arranged if required.
Who is it for?
This type of plan is designed for those individuals or families who want a lump sum if they are diagnosed with a serious illness.
It is not designed to cover the costs of any private healthcare costs, but the one off payout can be used for this and many other things. For example, this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work.
It could even be used to pay for any necessary alterations to your home.
The quality of cover and the illnesses covered can vary significantly between different providers. In most instances, any pre-existing conditions may be taken into account.
Some may look on this cover as a sort of ‘disability insurance’, but some form of income protection policy best provides cover for this possibility.
As the market is a complex one, you really do need to seek advice before taking out any cover. At Scott and Goose, we know our experienced advisors can help you find the plan that best meets your requirements.
Just some of the providers we use...
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