Critical Illness insurance pays out if you were diagnosed with a critical Illness that meets the definition as prescribed by the provider. It will usually pay a lump sum payment, with the most common critical Illness a policy will pay out for being cancer, stroke, and heart attack.
The policy will usually have a life insurance element built in, but normally if the policy pays out for the critical Illness, then the policy will end.
Your policy is covered by you making monthly payments. The payment amount is determined by your job, age, smoking status, overall health, how long the insurance is for and the amount being insured.
It is typically taken out to clear a mortgage debt and/or to help provide financial reassurance while you are recovering from your critical Illness.
At RNR Mortgages, we aim to make arranging your life insurance, like your mortgage, stress-free, anxiety-free and hassle-free.