Critical Illness Cover (CIC)
Cash Plans for you and your family
When you are critically ill, the last thing you need is any financial worry like the fear of losing your home because you cannot pay your mortgage. A Critical Illness Cover (CIC) plan will pay a tax free lump sum if you are diagnosed with an illness specified under the policy and help with the financial effects a serious illness can have on your income. All insurance companies require you to survive for a specified number of days following your diagnosis in order to make a valid claim. This “survival period” is normally 28 days although some insurers have reduced it to 14 days.
Some of the benefits from having Critical Illness Cover:
- Payment of medical treatment
- Pay off your mortgage or other debts
- Replacement of income due to reduced working hours or a change in occupation
- Changes to your property due to ill health
- Lifestyle choices like a special holiday or new car
You need to make sure you are covered for heart attack, cancer and stroke as an absolute minimum as these illnesses are where the majority of the claims come from. Selecting the right cover is of paramount importance and should only be chosen with the proper advice.
