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Critical Illness Insurance UK |
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Additional Benefits
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Many Insurance companies will provide extra benefits within their critical illness cover policy, these factors should be taken into account when choosing the correct critical illness insurance policy for your needs. The additional benefits may not be of any real value to you or could provide that extra benefit which makes the extra cost of one critical illness insurance policy outweigh the lowest cost option from another insurer.
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Common additional benefits with UK Critical Illness Insurance
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child critical illness cover, total permanent disability(own occupation),total permanent disability(any occupation or works tasks),waiver of premium, indexation or increasing benefit
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Children’s Critical Illness Cover
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Children under 18 are often covered automatically under some critical illness insurance policies, this will generally provide a benefit payment expressed as a percentage of the sum assured or a maximum amount.
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Total Permanent Disability
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The list of Critical Illnesses within the key features document may include total permanent disability or this may be able to be added at an extra cost. There are two types of total permanent disability cover. 1) TPD(own occupation) and 2) TPD (any occupation or work tasks definition) - The critical illness cover will pay a benefit if you are permanently and totally disabled and unable to carry out either your own occupation or unable to carry out any occupation or unable to perform a number of work tasks. The own occupation definition may not be available to everyone.
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Waiver of Premium
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Critical illness insurance can include waiver of premium which will pay your premium payments if you are too ill or sick to work, incapacity will usually have to last for a certain period before any benefits are paid and adding this to your critical illness cover will often increase premium payments.
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Increasing Critical Illness Cover
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Critical illness insurance can be arranged to increase usually in line with the retail price index(RPI) this will protect the spending value of the sum assured against inflation
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