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Critical Illness ^
This is a Life Assurance policy which will pay up on the death of the policyholder or on the diagnosis of a specified critical illness, even where the critical illness may be curable.
Most critical illness policies will pay up on the earlier of the two events, either on the diagnosis of the condition or death whichever occurs first. The policy will then cease.
Other policies will pay out firstly on the diagnosis of a critical illness and again on the eventual death of the policyholder.
Whereas life may be extended after treatment for the elimination of the critical illness, the quality of life may suffer. Critical illness protection will, therefore, pay out a lump sum on the diagnosis of a critical illness which may be used to improve the quality of life.
Premiums between companies vary, and it is wise to obtain a market guide of the best rates available.
Long-Term Care ^
With the increasing cost of nursing home care, it is preferable to set sums aside early which can be used later to offset the expenses of nursing home care.
Benefits are payable whatever the age when disablement occurs for as long as it is required.
To become eligible depends upon the inability to carry out activities of daily living such as washing, dressing, using the toilet, continence, getting in or out of a chair or a bed, eating and drinking.
There are various products on the market.
^ Not all forms of these products/services are regulated by the PIA