Like life cover, Critical Illness Cover (“CIC”) pays out a tax-free lump sum and some policies have life cover incorporated into them as well. Unlike life cover, critical illness pays out in the event of a serious medical diagnosis, which could be something like cancer, heart attack, stroke or MS.
Following diagnosis, a tax-free lump sum is paid to you. This means that you have options such as, to stop working, take a career break or use the money for private medical treatment. It is designed to take the stress out of a potential life changing event, but give you security and less worry, whilst aiding a speedier recovery or quality of life for you and your loved ones.
