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 Low Start.
Low Start premiums increase gradually at a fixed rate each year and can remain lower than level premiums for 10 years or more. Clients can even switch to level premiums whenever they want.
For a full list of the medical conditions that we cover and the definitions we use, please check:
Low Start premiums increase at a fixed rate 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|
Check the Low Start Critical Illness Cover with Term Assurance Cover Details for a full explanation of Waiver of Premium.
Your client can increase their sum assured without further underwriting when they:
If necessary, they can also:
Check the Low Start Critical Illness Cover with Term Assurance Cover Details for a full explanation of any limits to these changes.