Life Assurance and Critical Illness cover can be arranged either separately or combined in a policy. Typically, policies are arranged as:
Death Benefit only - This policy will only pay-out upon death.
All providers include Terminal Illness cover at no added cost. This means that the policy benefit would be available upon death or diagnosis of a terminal illness (typically where you are expected to survive less than 12 months), during the policy term. However, it is worth noting that this is not always available in the last 12-18 months of the policy. Please see the providers Key Features Document for full details.
Critical Illness only - This policy will only pay-out upon diagnosis of a specified Critical Illness, which meets your providers definition. Once a successful claim is made on a full pay-out condition, the policy will cease.
Death or earlier Critical Illness - This policy would pay out in the event of death or diagnosis of a specified Critical Illness that meets your insurer’s definition, whichever happens first. Once a successful claim is made on a full pay-out condition, the policy will end.
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