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What is Critical Illness insurance?

Critical Illness Cover is a type of insurance that pays out a tax-free lump sum if you’re diagnosed with a critical illness (all providers have their own definitions as to what is a ‘critical illness’ so make sure you check!)

It’s designed to help support you and your family financially while you deal with your illness.

What’s the difference between Critical Illness Cover & Life Insurance?

Critical Illness (CI) Cover is designed to help you and your family financially if you have been diagnosed with a specific condition.

You’ll receive a lump sum to help cover treatments costs or to help pay the bills if you can’t work.

It’s important to note that CI Cover doesn’t usually pay out if you pass away.

This is where Life Insurance comes in.

Life Insurance pays out if you pass away during the term of the policy and is designed to help your family financially after you’ve gone

Do I need Critical Illness Cover? 

You might want to think about CI Cover if;

• You & your family depend upon your salary, especially if you are the sole or main income in your household.
• You don’t have enough savings to live if you were unable to work due to illness or disability
• Your job won’t cover you for extended periods off work due to sickness

How much cover do I need?

There is no such thing as a right or wrong amount. Consider how much you and your family will need to get by – include mortgage payments, monthly bills & ongoing debt when working this figure out.

What about Serious Illness Cover?

Serious Illness Cover is similar to CI Cover but importantly covers many more conditions, pays out during the early stages of illness and will even pay out more than once!

Serious Illness Cover provides pay outs that match the lifestyle impact of an illness and as a result include a range of conditions that are not typically covered by CI policies!