Critical illness product guide
Level Term Critical Illness
Critical Illness Level Term Assurance pays out a tax-free lump sum on the diagnosis of a specified critical illness. The benefits from the plan can be used to repay any outstanding debts, be invested to provide an income to replace lost earnings and/or modernise your home, e.g. widen doorways, create a downstairs bedroom.
If you were to suffer a heart attack, stroke or cancer and were unable to work, how would you and your family manage financially?
This type of protection is designed to ensure the last thing you will be worrying about is money at a very difficult time. To see what is covered, why not view our Illnesses covered page.
Every 20 seconds someone suffers from a critical illness (BUPA 2007)
Family Income Benefit Product Overview
Family Income benefit is designed to pay out a specific tax-free income on the diagnosis of a critical illness during the term of the policy. Unlike Level Term Critical Illness cover, Family Income Benefit does not pay out a lump sum, it is designed to replace a level of income.
If you arranged a 20 year Family Income Benefit and were diagnosed with a critical illness at the end of year 3, you would receive the income benefits from the plan for 17 years. If you were diagnosed with a critical illness in year 19, the plan would only pay out for 1 year. At the end of the 20 years the plan would cease with no value.
How much Critical Illness cover do I need?
Term of the Critical Illness Insurance Policy
The term of the policy will depend upon how long you feel you need to be insured for, e.g. until retirement.
Guaranteed or Reviewable Insurance Premiums
Guaranteed premiums will not change throughout the duration of your policy. Reviewable premiums may be cheaper at the outset but will be reviewed every 5 years and may increase.
Should I put my Critical Illness policy in trust?
Obtain an Instant Critical Illness Quote online or Contact one of the Jump Life Insurance advisors for assistance.
Critical Illness Product Guide
Critical Illness Level Term
Critical Illness Level Term Assurance pays out a tax-free lump sum on the diagnosis of a specified critical illness.
Family Income Benefit
Family Income benefit is designed to pay out a specific tax-free income on the diagnosis of a critical illness during the term of the policy.
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