Critical Illness

Pays a tax free lump sum to the policy holder if the life assured (not necessarily the same person) suffers a serious illness for example cancer, heart attack and survives for a period, usually a minimum of 14 days. Plans can provide for permanent and total disability as a result of accident or illness.

Critical Illness cover is typically used to;

• Protect the family against the financial consequences of a parent suffering a critical illness. If the plan is arranged as a Family Income Protection plan the benefit can be paid as an income

• Repay a loan if a critical illness is suffered before the loan is repaid, for example a mortgage or business loan.

• Provide Keyman Critical Illness Cover. The lump sum can be used for recruitment, to reduce loss of profit, repay loans or bank overdrafts

• Provide funds for shareholders to purchase the shares at the option of the critically ill shareholder

• Provide an employee benefit when arranged as a group scheme.