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Critical illness cover

Should I take out critical illness cover?

critical illness patient and friend

Critical illnesses have the potential to turn your life upside down. They can happen unexpectedly and take you by surprise, you don’t expect these things to happen to you. But there’s a way to protect yourself, at least financially.

Critical illness cover pays out a lump sum if you are diagnosed with one of the specified critical illnesses during the term of your policy. This lump sum can ensure your loved ones can continue to pay the bills if you become seriously unwell.

The conditions covered by critical illness cover varies depending on the insurer so it’s always a good idea to check the list of conditions covered before taking out a policy to ensure you know what you’re covered for. Cignpost Critical Illness Cover includes over 30 conditions, for more information on what is included in our cover click here.

To provide you with extra peace of mind, if you take out Cignpost Critical Illness Cover, it will also cover any of your children. If your child undergoes an operation or is diagnosed with a condition which is listed in our policy, we’ll pay the lower of £25,000 or 50% of the Cignpost Critical Illness cover amount. To find out more on what is and isn’t covered check out our key features document.

Our simple life insurance application enables you to add critical illness insurance on to your policy when you get a quote for term life insurance. You have control over the amount you need and can …

Categories
Life insurance

Jargon buster

Explaining Life Insurance jargon

We understand the world of insurance is full of terminology we don’t use in everyday conversation; it can be confusing so we have put together a jargon buster so you can be sure you are in the know when taking out your life insurance policy.

 


 

Cover amount – this is the total amount that would be paid out if a claim is made.

Sum assured – this is another term for cover amount and means the same.

Term – this means the period of time in years that the policy lasts for.

Level – this is a type of cover, it means the payout and cover stays the same throughout the amount of time you are insured for. Put simply, you decide the amount of cover to take out and that’s what the policy pays.

Increasing – this is another type of cover, as the name suggests, the payout and premiums increase annually for the duration that the policy runs.

Decreasing – this is another type of cover, as the name suggests, the cover amount decreases each year to pay off an outstanding repayment mortgage or loan by the end of the term because your debt should be decreasing as you repay it over time. 

Plan – this is another term for policy or cover.

Lives insured – this means the person, or persons if it’s a joint policy, who are covered by the policy.

Plan owner(s) – this means the person or persons who own and are …