Critical illness insurance is taken out to cover you either for life or for a set period of time against certain critical illnesses, diseases and medical conditions. It differs from life insurance in that life insurance pays out should you die. Critical illness insurance pays if you become physically or mentally impaired through illness or disease.
A policy to cover you for critical illness will pay out a tax free lump sum if you should fall victim to one of the illnesses defined within the policy. All that is needed to make a claim is the diagnosis by your Doctor of one of the illnesses or conditions defined in the policy; there is usually no requirement for you to prove loss of earnings or for you to need any special medical treatment.
Points to consider when thinking of taking out this form of insurance is that the sum and terms are decided at the outset when you take out your policy.
In order for the policy to pay out then you must survive for at least 28 days after the condition or illness has been diagnosed.
Once the set time of the policy has passed and you havent been diagnosed as having a serious illness or condition then there is no...
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