Critical illness insurance pays out when one of the specified critical illnesses occurs. For example, following a heart attack, stroke, cancer or some other specifically defined critical illness.
Cover is for a set term, which may be equal to a mortgage term, or for when children have grown up, until retirement, or until another life stage milestone is achieved. It may be worth considering having one policy for a set term to cover the mortgage and another that will provide money to help provide for your different lifestyle if a serious illness happens.
Most people choose a lump sum to be paid out. There is the option of receiving the payout as a set income over the term remaining, which is often a lower-cost option.
London Stock Exchange
| Value | Move | % |
| FTSE 100 | ||
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-0.256 |
| FTSE 250 | ||
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| 0 | ||
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-0.487 |
| 0 | ||
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0.562 |
| GBP/USD | ||
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0.513 |
Biggest Movers
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| SEGRO | ||
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