Critical Illness
Critical illness insurance provides a cash lump sum if you are diagnosed with certain specified illnesses in your policy. Common conditions covered include heart attack, stroke, and some types of cancer. The payout offers financial support, enabling you to concentrate on your recovery without financial worry.
The cover is for a fixed term, which you can align with major life events. For example, you might set the term to match your mortgage, to last until your children are financially independent, or to continue until you plan to retire. Some people consider having more than one policy; one to clear the mortgage and another to provide funds for lifestyle changes if a serious illness occurs.
Most people opt to receive the payout as a single lump sum. However, there is also the option to receive it as a regular income paid over the remaining term of the policy, which can sometimes be a more affordable choice.
IF THE POLICY HAS NO INVESTMENT ELEMENT, THEN IT WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN THE COVER WILL LAPSE.
THE POLICY MAY NOT COVER ALL THE DEFINITIONS OF A CRITICAL ILLNESS. FOR DEFINITIONS, PLEASE REFER TO THE KEY FEATURES AND POLICY DOCUMENT.
Critical Illness
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