Many people buy term assurance when they take on a large financial commitment, like a mortgage, just in case the worst happens. But financial plans are more likely to be upset by something like cancer, heart attack or stroke.
Critical illness cover pays out a tax-free lump sum not just if your client dies, but also if their life is interrupted by a critical illness. Depending on how much your client wants to insure, the payout can help them meet their family’s financial obligations, pursue a less stressful lifestyle while they recover, secure their home or simply buy them some time in which they can put money worries aside.
When taking out critical illness cover, some clients may be stretched first-time buyers or need a higher sum assured than they can comfortably afford right now. If your clients would prefer their premiums to be more affordable early on, they can choose to pay with CIC Start.
CIC Start premiums increase gradually at a fixed 3.5% each year and can remain lower than level premiums for 10 years or more. Clients can even switch to level premiums whenever they want.
How the Start Range saves your client money early on
The level of initial discount varies depending on the age of the client at the outset and the term of the cover. However Start Range premiums can be as much as 30% lower in the first year than level premiums. The premium rises each year, but – depending on the term of the cover – can stay lower than level premiums for 10 years or more.
In total, CIC Start Critical Illness Cover with Term Assurance covers 102 conditions, and we’ve made sure the ‘big four’ conditions – cancer, heart attack, multiple sclerosis and stroke - along with another 12 of the most critical conditions, are covered by definitions that go beyond the ABI’s standard. CIC Start provides the same great cover as YourLife Plan critical illness cover - it’s simply another way to pay.
Most people don’t realise that children are actually one of the most common reasons for people needing to claim. That’s why we automatically cover any children your client has now or in the future – as standard. Our enhanced children’s critical illness cover allows a parent to claim up to 50% of the value of their policy (up to a maximum of £35,000) if their child is diagnosed with one of the critical illnesses we cover.
We also include ten additional child-specific conditions such as cystic fibrosis, Down’s syndrome and spina bifida. We also double the total payment (up to a maximum of £70,000) if curative or stabilising treatment is only available overseas and pay £10,000 as a child life cover benefit if your client’s child dies during the term of the cover. We aim to make life easier, so if a child is diagnosed with a terminal illness we'll pay the child life cover benefit early.
In addition, we will pay a pregnancy cover benefit of £5,000 if the person covered suffers from a defined complication during pregnancy.
Switch to level premiums at any point
CIC Start premiums increase at a fixed 3.5% each year. Each annual increase will be shown in your client’s quote illustration, so there are no surprises.
If your client later wants to stop their annual premium increases, we can reduce their sum assured and switch them to level premiums at any point.
When setting up the policy, your client can choose:
|Min/max age at entry||17-59|
|Max age covered||69|
|Max benefit||No maximum|
|Max benefit without financial questions||£500,000|
|You can also choose to add waiver of premium to cover costs during working life if the person covered is unable to work:|
|Max age at entry||54|
|Max age covered||69|