Is critical illness cover an essential item for business owners?
This was selected as Best Answer You have choices: Critical Illness cover – which pays out a lump sum in the event you suffer a defined critical illness. In the UK there are about 27/28 standard definitions and most policies cover a few extras that take the illness numbers into the mid 30’s. In order to claim, as someone mentions, you have to hit the difinition – you could fail the test. Serious Illness cover – covers between 90 and 150 illness and pays out in the same way as critical illness, except that it also pays out proportionally in some instances – for instance, critical illness covers ‘total and permenant blindness’ whereas serious illness would cover partial blindness. This is easier to claim on than normal critical illness cover. Income protection – called Permanent Health Insurance – will provide an income for the period of illness. There is no definition of specific illnesses, the claim question is ‘can you do your job?’. In some instances the question may be changed to ‘c
