 Critical Illness insurance - an introductionCritical Illness cover, which is also known as Critical Illness Insurance or Dread Disease insurance is an insurance plan that pays you a guaranteed, tax free cash sum if you're diagnosed as suffering from a critical illness covered by the plan. Individual Critical Illness insurance policies vary, but the majority include a total of 25 critical illnesses, including heart disease, stroke, renal failure, cancer, paralysis, major organ transplant and coronary artery bypass surgery. Considering that, according to research by the Imperial Cancer Research Fund 1999 "1 in 3 people in Britain will be diagnosed with cancer at some point in their life" and that the chances of surviving a major illness are greater than ever, more and more people are taking steps to ensure that they not only survive but are financially secure during and after a serious health problem with Critical Illness insurance. Critical Illness insurance- why you might need itAlthough, thanks to medical advances, you are more likely to survive a major illness nowadays, your finances could take much longer to recover. You might still be unable to work and will need a source of income, you may need to pay off your mortgage or other liabilities. Or you may need to buy specialist equipment, such as a stairlift or modified car or hire nursing care at home. With Critical Illness insurance, you will receive your cash sum 14 to 28 days (according to the terms of your policy) after the diagnosis and you can keep the money even if you recover back to full health again, but there is no payment if you die. Critical Illness insurance - what else you should knowYou can take out Critical Illness insurance on your own or with someone else, in which case the cash sum is normally payable only on the first claim. Critical Illness insurance can be taken out on its own or in conjunction with other policies, such as life insurance, mortgage protection or income protection. 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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