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Critical Illness Insurance plans are designed to pay a monthly benefit or lump sum, in the event of death or diagnosis of a listed Critical Illness as defined in the terms of the plan, during the period of the cover.
For example, this could help towards:
- Repaying a mortgage – more and more people are using Critical Illness Cover as part of their overall mortgage protection plans. The idea here is to ensure that the mortgage would be paid off, in the event of a successful claim
- A convalescence holiday – the last thing that someone who suffers a Critical Illness wants, is to be worrying about having to get back to work because of the need to keep earning to pay for bills etc. A payout from a Critical Illness Cover can give the individual concerned some funds to help fund a convalescence holiday, to aid in recovery.
- Paying for private medical treatment or professional nursing care – a payout from a Critical Illness Insurance plan could be used to pay for a much needed operation that perhaps is not available from the NHS (or there is a waiting list for the operation concerned). In addition, a payout could be used to pay for professional nursing care, which may be needed in the aftermath of suffering a Critical Illness.
- Maintaining individual or family lifestyles – suffering a Critical Illness may impact on an individuals capacity to earn income. A payout from a Critical Illness Cover could help maintain an individuals lifestyle.
- Making adaptations to a home – some Critical Illness’ result in permanent disabilities. A payout could be used to make adaptations to a home to help with access and use.
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