Critical illness insurance
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Critical illness insurance is designed to protect the policyholder if they become seriously ill and are unable to work. Most policies provide a tax-free lump sum if you need to make a claim. The amount you receive will vary with different policies and will be linked to the amount of premiums paid.
Critical illness insurance payments can be used to cover living expenses and medical bills. Critical illness plans are available that cover the whole of the family of the policyholder. In most instances you would pay a set premium over a set period of time that will provide cover. It is possible to increase the amount paid in premiums to provide more cover as you get older.
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