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   Protection - Critical Illness Cover - CIC


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       When the chips are really down

 

Topical Issues

 

Be Prepared

Being hit by a Critical Illness is a devastating blow and can be very hard to cope with both emotionally and in many other ways.

 

The last thing which is needed in such a dreadful situation is the added problem of how to cope financially.

 

Critical Illness Cover (CIC) can provide an answer but CIC-policies are not always straightforward to understand or interpret!

 

 

Critical Illness Cover (CIC) - the essentials

 

Critical Illness Cover (CIC) is designed to pay out a tax-free lump sum in the event of you suffering from certain types of serious illness or if you have to undergo surgery.

 

It is very important that you note the phrase: ‘suffering from certain types of serious illness…’. Far from all illnesses are covered by standard CIC-policies, so, should you be so unlucky and be hit by one which is not on your ‘approved’ list, the policy will pay out absolutely nothing!

 

The policy will pay out though, if you contract one of a defined list of illnesses specified in your policy. These policies differ in what they cover, so you should always check the policy wording very carefully or discuss the matter with a suitable professional.

 

Who may need CIC?

 

Unless you have substantial savings, some form of critical illness insurance may well make sense for you, particularly if you have outstanding debt such as e.g. a mortgage.

 

The level of cover you should have will obviously depend on your individual circumstances but may be larger than you think.

 

Premiums

 

The size of your premium will depend on your age, gender, health, occupation, whether or not you smoke, the type of cover you need, and how long you need it for.

 

It is important to remember that premiums could also be more expensive if there is a history of a particular illness running in your family. 

 

Usually you will pay a set premium meaning that both your cover and your premium will be set at a certain level for a certain period of time.

 

It should be noted that there are also whole of life assurance policies which include critical illness cover and may offer more flexibility such as the option to changing your cover over time.

 

Total And Permanent Disability Cover

 

Many critical illness policies also include cover for total and permanent disability.

 

This pays out if you are unable to work due to permanent disability arising from any illness or injury. If such cover is included, it is important to establish whether the policy will cover ‘any occupation’ or only ‘own occupation’.

 

There has been horror stories of people believing that they were covered by disability cover only to discover that, according to the insurance company, the loss of a few limbs and eye-sight certainly does not prevent you from rejoining the active work-force!

 

Your protection adviser at NFA has a Ph.D. and over 25 years of experience in biomedical research and will be able to ensure that you are not misled by incomprehensible medical jargon. 

 

 

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You are always Welcome

to contact NFA for a free discussion

of your Protection needs.

 

Phone: 01603 452686

 

 

e-mail: info@norwichpensions.co.uk

 
     

 

 

 

 

 

Norwich Financial Advice Limited  is authorised and regulated by the Financial Conduct Authority

and is entered on the FCA Register under FCA reference: 706645

Norwich Financial Advice Ltd. is registered in England and Wales; Company No. 8533929.  

Registered office: 74 Muriel Road, Norwich NR2 3NZ, Norfolk, England.