Cheap Life and Critical Illness Cover

Critical Illness Cover (CIC).

Critical illness cover (CIC) is a long-term insurance policy designed to pay a lump sum on the diagnosis of certain life-threatening or debilitating (but not necessarily fatal) conditions such as a heart attack, stroke, certain types/stages of cancer, multiple sclerosis and loss of limbs.

What are the main features of CIC?

Before you apply for critical illness cover, here are some things to consider:

Critical illness cover pays a lump sum if you are diagnosed as suffering from one of the specified illnesses.

Policy summaries will often set out a list of illnesses covered, but this is only a guide and full details will be in the policy document.

CIC does not cover simply any sickness that affects your ability to work – it is specific about which illnesses are covered.

Some insurers exclude all pre-existing conditions but others will decide on the basis of your personal medical history.

CIC differs to other types of protection insurance such as income protection or payment protection, so make sure you understand what it does and whether it is right for you.

If the insurer imposes any other conditions, perhaps because of your own or family medical history, you should be told what they are before you take out the policy.

Detailed policy terms and conditions will be provided in the policy document the insurer will send you after you take out the cover – make sure you read it so that you know what you're covered for.

Before you take out the cover, make sure you receive a Policy Summary or Key Features document.

Premiums Types:

When taking out Critical Illness Cover you have a choice between two different types of premium, Guaranteed and Reviewable. Guaranteed premiums will stay the same for the length of your policy, so you always know what your monthly premiums will be. Reviewable premiums are reviewed every five years and could go up, down or remain the same. The premiums are reviewed against our claims history, financial markets and medical advances.