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Critical lllness Insurance
Critical Illness Insurance can be taken out with Life Insurance or as a stand alone product.
It covers you for specified critical illnesses such as heart attack, most cancers, stroke, multiple sclerosis.
Critical illness insurance pays out a lump sum if you are diagnosed with one of the critical illnesses in your policy. Most policies cover the same core illnesses but some can include many others so if you are looking to cover a specific illness do check the details first.
Critical illness premiums are more expensive than life insurance premiums so if you cannot afford the full amount to pay off your mortgage, for example, do consider a smaller stand alone policy. Even a small sum assured such as £25,000 or £30,000 can make a big difference to the family finances if you need time off work for medical treatment.
Critical illness cover is not an income replacement policy. It only pays out for specified illnesses. If you need cover for salary replacement for accident and more general sickness, then you should look at Income Protection.
Children's Critical Illness Cover - Most of the adult policies will include any of your children (aged 1-18) at no extra cost. The level of cover varies between the companies but is typically £15,000.