Unlike critical illness cover, serious illness cover is designed to pay a portion of the total level of cover based on the severity of the illness suffered. Critical illness will either pay the cover out in full or nothing at all. If it doesn't pay out, even though you are quite sick, you and your family can be left in financial difficulty. For example, if the life covered suffers a stroke but doesn't have permanent symptoms, critical illness cover will not pay. A serious illness plan can pay out 25% of the total insurance value (depending on its definitions). What's more some plans retain the balance of the sum assured as continuing cover. This means that if you suffer with cancer, are treated but then develop it again at a later date, it may be possible to claim again.
It is important to understand the basis for the cover, what will pay, how much it might pay and when it might pay. Our deep understanding of this type of cover enables us to advise you correctly on the type and level of cover that is right for you. Contact us to discuss your serious illness needs.