Critical Illness Insurance

Benefit payments

Under critical illness insurance policies, you can choose how we pay most benefits. Insurers can pay your benefit as a lump-sum, an income (Term Personal and Mortgage) or, in instalments over three to five years (Term Business plans only).

You can choose to have your benefit set up on a level or increasing basis. You can also set up lump-sum benefits so they can reduce over the term. For example, you can have a decreasing death benefit to protect your mortgage and an increasing lump-sum death benefit for family protection – all within the same plan.

If you choose Term Business, you can have an increasing lump-sum death benefit for profit protection and a reducing death or earlier critical illness benefit for loan protection – all within the same plan.

You may want to have some benefits written on a joint-life basis subject, of course, to insurable interest considerations.

You and your partner may want to have a combination of joint-life and single-life benefits. For example, you can have death or earlier critical illness benefit on both of your lives, a separate critical illness benefit on one life and disability income benefit (sickness, accident or disability) on the other life – all within the same plan.

If you are in business with someone else, you may want a decreasing death or earlier critical illness benefit on both of your lives to cover a business loan. This would ensure that funds are available to help in paying back the loan if either of you died or suffered a critical illness.

Please contact our IFA for a critical illness insurance quotation so that these can be explained and a policy providing the cover you need can be provided. Please use the quotation link below.

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