Protect the future of you and your family 


What can you do now to protect your financial future and have that peace of mind? Find out what are the differences between critical illness and income protection insurance and how can you benefit from having them?


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Periods of Insurance

In essence, there are two main events that most people think about when taking out life policies, the period of their mortgage and their death. What would happen if you passed away before your mortgage was paid or what would happen if you passed away unexpectedly and say your partner or spouse were left to raise the children or had to pay school fees and so on? 


In such circumstances, people think mainly about either: 

a) Term assurance, that is, a life policy for a fixed period of time, for example, whilst you have a mortgage; or 


b) Whole of life, that is, a policy that pays out when you actually die and not before. 


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Critical Illness Cover (CIC)

Critical illness cover is an insurance policy that pays out a tax-free lump sum if you are diagnosed with a condition that is listed on your policy. 


The critical illness cover provider that you choose will have a specific list of illnesses that are covered. If you are diagnosed with any of the conditions on that list, then your critical illness cover will usually payout. If you get an illness that is not on the list, you will not receive a payout.   

The illnesses covered are most often serious illnesses,  such as cancer, heart attack or stroke.  A policyholder is typically paid out a lump sum once their life-threatening condition has been diagnosed by a medical professional.  Checking the policy wording is therefore absolutely essential as different policies cover for different critical illnesses and some pay out sooner, some later. 

The lump-sum payout can provide valuable financial support and could be used to pay household bills, cover loss of earnings or pay for private medical treatment. 

Income Protection Insurance (IPI)

Income protection insurance (sometimes referred to as permanent health insurance) is designed to provide you with tax-free regular financial support (like an income, as opposed to a lump sum) if you need to take extended time off work because of illness or injury to avoid having to otherwise rely on savings, or on sick pay.  

Income protection policies are designed to cover most illnesses that leave you unable to work either in the more long term (depending on the type of policy and their specific definition of incapacity). 

The regular income protection payments ensure that you can continue to pay your bills and meet other financial commitments, allowing you to remain financially stable as you focus on what really matters - getting better. 

Most policies are designed to pay regular sums of money until you can start working again, or until you retire, die or the end of the policy term - whichever is sooner and provide for multiple claims over the term of the policy. 

The premiums will depend on your occupation, age, the percentage of your income that you will need to be covered and your current health.  

Every policy is different and will cover different conditions and levels of health and so as ever, if is essential that the wording of the policy is checked in detail to ensure that it meets your specific needs. 

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