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Critical Illness Cover (cic) is designed to pay out a payment in the event the life assured suffers one of a list of critical conditions. Examples of these are Heart Attack, Stroke, Cancer and Multiple Sclerosis, to name just a few. Most policies cover upwards of 30 conditions so cover can be quite comprehensive. A lot of policies can also be extended to include permanent total disability, meaning that if you suffered a significant injury and were unable to return to work then the benefit can be payable, conditions and limits apply.
This type of cover is sold as a stand alone policy as well as an addition to other policies.
It can be used as a mortgage protection type plan, family protection or even key man protection, for employers that would need a cash injection in the event a key individual suffered a heart attack for example.
What makes this type of insurance cover so special is not only will it pay out on diagnosis of critical illnesses it doesn't matter what the outcome is, for example you could have a heart attack, get better and go on to lead a very productive life. The benefit on most of these plans is still payable in full, allowing you the life assured to do what you want to do after what is such a traumatic experience, making it a most valuable cover to the life assured than any other.
CIC is designed to pay out a lump sum, or regular payment in the case of family income benefit plans, on the diagnosis of a critical illness.
In addition most plans are extended to include an additional benefit known as permanent total disability (for more info on that benefit please see additional section PTD.
Most critical illness plans are designed to pay the sum assured which is a tax free lump sum, 30 days after diagnosis of an insured illness
Chances of surviving critical illnesses nowadays are much greater, making this type of insurance very much a living policy. Benefiting the life assured and not their estate can be more important to a lot of people.
Having one of these policies means that should the unthinkable actually happen you are able to pay off the mortgage, adapt your home if necessary or just take a well deserved holiday to recuperate. All of which means making a full recovery that much easier without the financial burden that may be there if there was no provision.`
Below are the types of illness that are covered on good quality CIC policies.
Cancer, Deafness, Cardio Myopathy, Heart attack, Heart Valve Replacement, Creutzfeldt Jakob Disease, Coronary Artery Bypass, Loss of Limb, Hodgkins Disease, Kidney Failure, Loss of speech, Liver Failure, Major Organ Transplant, Motor Neurone Disease, Loss of independent Existence, Multiple Sclerosis, Paralysis/Paraplegia, Open Heart Surgery, Stroke, Parkinsons Disease, Pre-Senile Dementia, Aorta Graft Surgery, Terminal Illness, Severe Lung Disease, Benign Brain Tumour, Third Degree Burns, Perrmanent Total Disability, Blindness, Aplastic Anaemia, Bacterial Meningitis, Coma
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