Why recommend critical illness cover? Critical illness cover helps your clients if they want to make sure they have financial help for them and their family in a wider range of circumstances, covering not just death or terminal illness, but also critical illness.
Depending on how much your client wants to insure, the payout can allow them to cover their family’s financial needs, pursue a less stressful lifestyle while they recover, secure their home or simply help to put their financial affairs in order in times of adversity.
AIG’s philosophy is to offer the broadest cover we can, while making sure it stays affordable. The things we cover are those that are most likely to threaten a person’s lifestyle or livelihood. In total, Critical Illness with Term Assurance covers 80 conditions and operations, and we’ve made sure the ‘big four’ conditions – cancer, heart attack, multiple sclerosis and stroke - along with another 13 of the most critical conditions, are covered by definitions that go beyond the ABI’s standard.
For a full list of the conditions we cover and our definitions, please see our guide to critical illness cover.
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 £25,000) if their child is diagnosed with one of the critical illnesses we cover. We also include seven additional child-specific conditions such as Diabetes Type 1, Down’s syndrome or spina bifida. We also double the total payment (up to a maximum of £50,000) if curative or stabilising treatment is only available overseas and pay £5,000 as a child death benefit if your client’s child dies during the term of the cover.
Some conditions warrant financial support in the early stages. We now cover thirty early stages of the most critical conditions, including surgery to help manage risk of heart attack, stroke, or certain types of cancer.
For extra protection, your client can include the following add-on options (for a small extra amount) to make sure their insurance keeps going should they become too ill to work:
*If the disability then becomes permanent, we will pay the remaining amount of the policy value.
When setting up the policy, you can choose:
|Min/max age at entry||17-75|
|Max age covered||85|
|Max benefit||No maximum|
|Max benefit before we ask 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:|
|Min/max age at entry||54|
|Max age covered||69|
Check the YourLife Plan Critical Illness 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 YourLife Plan Critical Illness with Term Assurance Cover Details for a full explanation of any limits to these changes.