Answered by Andrew Jenkinson
Critical Illness Cover is an insurance which pays out a tax-free lump sum if you are diagnosed with one of a range of conditions (between 30-50 medical conditions depending on the insurer). These conditions vary from insurer to insurer and are defined in the policy documentation but there are seven core conditions that are covered by most critical illness policies which are cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke.
Insurance, known as Serious Illness Cover, is available from PruProtect which covers a much wider range of illnesses (100 conditions or 161 with comprehensive cover). However whereas critical illness insurance always pays out 100% of the amount assured the payout from serious illness insurance depends on the severity of the condition and can range from 10% to 100%.
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