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Critical Illness

Critical illness cover is designed to provide a tax free cash lump sum benefit to help relieve financial pressures following diagnosis of a specified critical illness or permanent and total disability.  The plan usually specifies a list of illnesses that it covers such as stroke, some forms of  cancer, heart attack etc and upon diagnosis of a specified condition a tax free cash lump sum is paid to you which can be spent however you wish.  Critical illness benefit is often built in as an option with Life assurance plans to provide additional protection for you and your family and also as an option with Mortgage protection plans in order to repay the mortgage balance upon diagnosis of a specified critical illness.

The plan only pays out if the policyholder is diagnosed with a specified critical illness during the term of the plan which is specified at outset of the plan.  If the policyholder ceases to pay the premiums, the policy terminates and has no value.  The Critical illness sum assured remains level or can be decreasing if added as an option to a Mortgage Protection plan.  Waiver of premium and Indexation options are normally available for additional protection for you and your family.