Critical Illness Cover
CIC - What is it?
Critical Illness Cover (CIC) pays
out a lump sum upon diagnosis and survival for a
specified term (often 28 days) of a critical
illness. The scope of what conditions are covered
may vary from Provider to Provider, however commonly
covered conditions include:
- Cancer
- Heart Attack with evidence of coronary heart
disease
- Loss of hearing, speech or sight
- Loss of limbs
- Major Organ Transplant
- Multiple Sclerosis
- Permanent Total Disability
There are other conditions that
may be covered and reference should always be made
to the Provider literature for full details of what
is and is not covered.
Who is it for?
This type of insurance is
appropriate where a lump sum is required by the
insured to ease the financial burden associated with
contracting a serious health condition as described
above. The lump sum could be used to:
- Repay a debt such as a mortgage
- Provide a lump sum to pay for amendments to
a property
- Provide some additional financial security
How does it work?
The premium options are as
follows:
- Guaranteed
Provides fixed benefit for a fixed premium
throughout the term of the cover.
- Reviewable Cover
Whereby the premiums could increase due to
bad claims experience or, if unit-linked, poor
investment performance. The length of cover will
be determined by the policy and will either be
for a specified term or whole of life. Benefit
is paid upon survival for a specified term from
the diagnosis of the critical illness or
condition. Generally the benefit will be paid
as a lump sum.
Whatever your financial advice requirements are,
you can be assured that Ashton Hoyle are well
positioned to provide an innovative answer and we
look forward to speaking to you on any financial
matter. Contact us now
to see how we can help.
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