What is it?
Critical Illness Cover (CIC) is designed to pay out a lump sum on the diagnosis of a certain specified illnesses. It is often ‘bolted on’ to a Life Assurance policy as an additional benefit, but can also be utilised as a standalone plan.
Who is it for?
This type of plan is designed for those individuals or families whom want a lump sum if they are diagnosed with a serious illness.
As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.
The quality of cover and the illnesses covered can vary significantly between different providers. As advisors, we will help you find the most suitable plan to meet your requirements.