In the present times, lifestyle has changed and the surroundings are far more polluted than they used to be. Therefore, service providers have evolved a financial planning instrument that suits this phase. This is referred to as Critical Illness Cover, Critical Illness Insurance or CIC, for short.
It is an insurance policy between the insurance company and the policy holder, which is drawn for the benefit of the insured. Here, the insurer is obliged to make a lump sum payment to the insured person, if he is diagnosed with an illness. However, the illness must be one which is covered in the company’s predetermined list of critical illnesses.
Why should I have Critical Illness Cover?
When you suffer from a critical illness, you also tend to go through loss of income, and are in need of money to fulfil your commitments. These include your financial obligations, bucket list and medical expenses. The CIC claim amount that you receive is tax free and can be used however you wish. For example, you can use it to pay your mortgage, to pay the medical bills, or to pay for private medical care.
"1 in 2 people born after 1960 in the UK will be diagnosed with some form of cancer during their lifetime"
Cancer Research UK
"Every year 160,000 people die from heart and circulatory disease"
"Every year 40,000 people die from a stroke"
How likely is my Critical Illness policy to pay out?
"Claims statistics suggest you are five times more likely to suffer from one of these than you are to die before you reach 65"
"Over £1.1 billion was paid out in Critical Illness claims in 2015."
ABI statistics (Association of British Insurers)
93.1% of Critical Illness claims in 2015 were paid, while just 6.9% were declined. When claims are declined this is usually due to the customer not disclosing important information when taking out the policy, or claiming for a condition that is not covered by the policy – ABI statistics (Association of British Insurers).
With a consistent track record, we have provided CIC to numerous clients. We partner up with some of the most reputed companies, in order to bring you comprehensive CIC schemes. With us, by your side, you have a friend you can count on during those tough times.