Often bought as part of a life insurance policy, Critical Illness Cover will give you a tax-free lump sum to cover income loss, outstanding mortgage payments, and the cost of medical treatments and any home modifications needed.
It comes with a waiting period of around 90 days, where you won’t be able to make any other claims. This rule will help to ensure that all claims are legitimate.
Illnesses such as heart attacks, non-terminal cancers, strokes, organ transplants, and head injuries are covered by critical illness cover. Diagnosed illnesses with a prognosis of 12 months and under are not typically covered by this type of cover.