In essence, Critical Illness cover is designed to make a payment should you be diagnosed with one of many “potentially” Critical Illnesses.
Examples of conditions which may be covered include:
- Heart Attack
Frequently, cover is used to protect mortgages. Used in this way, should you, for example, suffer a Heart Attack, your mortgage may be repaid.
While some policies provide income, the majority provide a single lump sum payment. Usually, if you would need ongoing income following ill health/an accident, Income Protection is likely to better suit your needs.
Related News Articles:
A more detailed list of conditions commonly covered by insurers.