Standalone CIC
A critical illness policy that operates independently of any life cover. Pays a lump sum on diagnosis of a covered condition with no life insurance element attached.
Critical illness cover pays a tax-free lump sum if you're diagnosed with a specified serious condition, giving you financial security to focus on recovery without worrying about money.
Critical illness cover pays a tax-free lump sum if you are diagnosed with a serious condition that is specifically defined in your policy. The money is yours to use however you choose, there are no restrictions.
The policy pays out on diagnosis of a covered condition, not when you are unable to work or when you die. You receive the money whilst you are alive to use it as you see fit.
Most policies cover cancer (subject to specific definitions), heart attack, stroke, multiple sclerosis, and major organ transplant among others. The precise list of covered conditions varies by insurer and policy.
Critical illness payouts are generally received tax-free. However, tax treatment depends on individual circumstances, writing the policy in trust can affect this.
Many policies include cover for children at no additional cost, paying a proportion of the sum assured if a child is diagnosed with a covered condition.
Important: Not all conditions are covered. Check your policy schedule carefully.
Understanding what is not covered is just as important as understanding what is. Your adviser will explain the specific exclusions of any recommended policy before you apply.
Only the conditions specified in the policy are covered. Serious illnesses not on the insurer's list will not result in a payout, regardless of their severity.
Conditions you were aware of before taking out the policy may be excluded. Insurers will ask detailed health questions, full and accurate disclosure is essential.
Some conditions require a specific severity or stage to qualify for a full payout. Some policies offer partial (lower) payments for less severe presentations, the definitions matter significantly.
Many policies require you to survive for a minimum period (typically 14 days) following diagnosis. If death occurs within this period, the claim may not be paid as a critical illness claim.
The conditions covered, definitions and exclusions vary between insurers. Your adviser will explain exactly what is and is not covered before you apply.
We compare whole-of-market policies to find the cover that best meets your needs and budget.
A critical illness policy that operates independently of any life cover. Pays a lump sum on diagnosis of a covered condition with no life insurance element attached.
Life insurance and critical illness cover combined on one policy. Pays out on whichever occurs first, death or a qualifying critical illness diagnosis, and then ceases.
Critical illness cover structured specifically to protect a repayment mortgage. The sum assured typically reduces in line with the outstanding balance over the policy term.
Many policies include automatic children's cover, paying a proportion of the sum assured if a child is diagnosed with a covered condition. Standalone children's policies are also available.
A variant of critical illness cover that pays a proportion of the benefit based on the severity of the condition. Broader in scope than traditional CIC but with proportional payouts.
An add-on that waives your premiums if you are unable to work due to illness or injury. Ensures your critical illness cover remains in force even if you cannot afford the premiums.
The conditions covered vary between insurers and policies. Most comprehensive policies cover in excess of 50 conditions. Commonly included conditions include cancer, heart attack, stroke, multiple sclerosis, Parkinson's disease, and major organ transplant. The definitions used to determine whether a claim qualifies are equally important, two policies may both list a condition but define it very differently.
Cancer is covered by most critical illness policies, but not all forms or stages. Early-stage cancers or those classed as less advanced may receive a partial payment or no payment depending on the policy's definitions. Some policies use broad cancer definitions; others apply more restrictive criteria. Your adviser will explain exactly how each policy defines cancer before recommending one.
Not necessarily. A pre-existing condition may result in an exclusion applied to that specific condition, a loaded premium, or in some cases a decline. Many applications with a medical history are still accepted, often with a specific condition excluded. We work with a range of insurers and can identify those most likely to offer cover at acceptable terms for your circumstances.
The policy pays out when you are diagnosed with a condition that meets the insurer's specific definitions, and you survive the policy's required survival period (typically 14 days). Payment is made as a lump sum to you, not to a beneficiary. You can use it however you choose: to pay off a mortgage, cover lost income, fund medical costs, or adapt your home.
Yes. Combined life and critical illness policies are widely available. The policy pays out on whichever occurs first, a qualifying diagnosis or death. Alternatively, you can add critical illness cover as a rider or take out separate policies to maintain independent benefits for each event. Your adviser will explain which structure is most appropriate for your needs.
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