 Your questions about Critical Illness insurance, answeredIs Critical Illness insurance the same as Permanent Health insurance (PHI)?Critical Illness insurance and Permanent Health Insurance are very different types of insurance. Critical Illness insurance pays one lump sum, even if you make a full recovery, but not if you die, whereas Permanent Health Insurance pays a regular income, either indefinitely or for a fixed period of time, depending on your policy. Likewise, Critical Illness insurance usually pays out between 14 and 28 days after the diagnosis, but Permanent Health insurance usually starts paying you an income after a period of several months, again depending on the specific terms of your policy. Critical Illness insurance and Permanent Health insurance are therefore complementary and many people take them both, side by side and use the Critical Illness insurance to insure the large expenses, such as modifying the house, or paying off the mortgage, and Permanent Health Insurance to provide a regular income for day-to-day living. Can I have Critical Illness insurance as part of my life insurance policy?If you wish, you can choose a combination Critical Illness and Life insurance policy, which pays you a cash sum either if you die or you are diagnosed. This type of policy will pay out a lump sum if you die or if you are
diagnosed with a specified illness during the term of the policy. You
simply choose how long you want the policy to run for, how much insurance
you need and who (if anybody) you want the policy to include. You can
also have a joint Critical Illness and Mortgage Protection insurance policy,
whereby the amount of insurance reduces gradually over the term to reflect
the reducing balance on a typical repayment mortgage. Both of these type
of policies stop, once a claim is paid, whether in the event of death
or critical illness. More Information on Critical Illness InsuranceCritical Illness Insurance with All About Insurance Your questions about Critical Illness insurance, answered |
 
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  Receive a lump sum payment if diagnosed with a critical illness. |
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