Critical Illness Cover
Critical Illness Cover can be added on to Decreasing Term Assurance ( Mortgage Protection ) or Level Term Assurance or chosen as a stand alone cover.
This plan is designed to pay out if you are diagnosed as suffering from a specific critical illness, such as Blindness, Deafness, Heart Trouble, Heart Attack, Stroke, Various Cancers, Kidney Failure, Permanent and Total Disability, to name but a few.
In addition, with certain companies you can have an extended cover to cover your children. Again, like Term and Decreasing Term Assurance you can have add-ons such as premium protection and Indexation. But again not all companies offer these extras and I think it is fair to say that not all companies offer the same range of covers.
So unlike life cover which is cost driven, you need to be a bit more specific when choosing Critical Illness cover.
If there is ever a claim certain companies will give you the option to have the sum assured either paid out as a one off lump sum or drip-fed over a number of years.