Decreasing Term Critical Illness

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What does decreasing term critical illness insurance cover?

Decreasing term critical illness insurance provides a lump sum (a specified amount of money i.e. £100,000 at policy inception or start date reducing to £0 by the end of the term) in the event of a confirmed diagnosis of a defined critical illness during the term.

It’s called decreasing term critical illness insurance as the amount of the lump sum decreases in line with a specified percentage reduction on each policy anniversary.

The term is the period of time the policy is in force.

Why is decreasing term critical illness insurance cover useful?

What term can decreasing term critical illness insurance cover be taken for?

What can I claim for with decreasing term critical illness insurance cover?

What affects the cost of decreasing term critical illness insurance cover?

If I don’t claim do I get any money back from decreasing term critical illness insurance cover?

Can anyone else claim against my decreasing term critical illness insurance cover?

Do I pay tax on the benefit from decreasing term critical illness insurance cover?

What is not covered with decreasing term critical illness insurance cover?

Should I speak to an adviser for my decreasing critical illness insurance?

What protection do I have if I receive advice from You 1st Mortgages?

Decreasing term critical illness insurance

THESE PLANS TYPICALLY HAVE NO CASH IN VALUE AT ANYTIME AND COVER WILL CEASE AT THE END OF THE TERM. IF PREMIUMS CEASE, THEN COVER WILL LAPSE.

IF THE POLICY HAS NO INVESTMENT ELEMENT THEN IT WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.

CRITICAL ILLNESS PLANS MAY NOT COVER ALL THE DEFINITIONS OF A CRITICAL ILLNESS. THE DEFINITIONS VARY BETWEEN PRODUCT PROVIDERS AND WILL BE DESCRIBED IN THE KEY FEATURES AND POLICY DOCUMENT IF YOU GO AHEAD WITH A PLAN.

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