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Such a policy will pay out an agreed sum of money on the diagnosis of a critical illness or on death of the policy holder, during the life time of the plan. Only one claim can be made on any policy. So therefore, if you were to suffer a critical illness the insurer will pay out the sum of money and the plan will then come to an end.

The critical illness insurance product chosen can either be a term or mortgage plan. A term critical illness insurance product means that the agreed sum of cover that would be paid out remains the same for the lifetime of the policy. A mortgage critical illness insurance product decreases over the period of time that the plan has been taken out for. This type of cover is normally taken out to cover a mortgage or loan.

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