cic

CRITICAL ILLNESS INSURANCE

Critical Illness cover pays a cash lump sum on diagnosis of a specified critical illness and can be the solution to your financial worries in this situation. It can also pay if you had a serious accident or injury leaving you totally and permanently disabled.

You can have critical illness on its own and critical illness plus life cover with Term Assurance, Mortgage Protection and Family Income Benefit Policies. Many policies now offer additional benefits such as buy back cover, waiver of premium and increasing or decreasing cover.
Click here to get an explanation of various policy options.

Nearly everyone knows a relative or friend who has suffered from a major and possibly fatal critical illness. It is a very important consideration to maintain quality of life should you be unfortunate enough to suffer a critical illness or disability.

	What might I get back at the end of the policy? This type of policy has no savings or investment element therefore no money is payable at the end of the policy term and there is never a surrender value.
	What happens if I stop paying the premiums? Your policy and insurance benefits will stop completely.
	What happens if I die? If you have a "Critical Illness only" Policy, then nothing is paid on death. If you have a Critical Illness and Life Cover Policy then on death, the sum insured is payable.
	What about my tax situation? Death benefits are free of income and capital gains tax. The current tax situation could alter in the future. The death benefit may be subject to inheritance tax unless you put your policy in a TRUST.

There are a variety of illnesses and conditions covered by these types of policy. The general descriptions of the conditions listed below are common to most.

Association of British Insurers Core Critical Illness Conditions
l	cancer	l	major organ transplant
l	coronary artery by pass surgery	l	multiple sclerosis
l	heart attack	l	stroke
l	kidney failure	.	.
Association of British Insurers Additional Critical Illness Conditions
l	Aorta graft surgery	l	loss of speech
l	benign brain tumour	l	motor neurone disease
l	blindness	l	paralysis/paraplegia
l	coma	l	Parkinson's disease
l	deafness	l	terminal illness
l	heart valve replacement or repair	l	third degree burns
l	loss of limbs	.	.
Source: ABI Guideline Document No L628

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