Critical Illness Cover is designed to pay out a tax-free lump sum if you are diagnosed with a specified condition within your chosen cover period.
On taking out a policy you decide how long it will last e.g. until your children have become independent, or until the mortgage is paid off.
Critical illness cover can also be included as a combined policy with life insurance, however in this instance, you are only able to claim once. For example, by taking a cash payout after being diagnosed with a critical illness, the policy is effectively finished. There is usually no life insurance payout if you die at a later date, therefore many prefer to take out separate policies in order to gain a more comprehensive level of cover.
This is just one of the many considerations when choosing the right cover. By speaking to an expert at Right Insure you can filter out policies that don’t suit and make sure you’re getting the best deal for your circumstances.