Critical illness cover can be set up on a very similar basis to Life Insurance, but it pays out on diagnosis of certain illnesses. Different insurers will offer varying degrees of cover and some will pay out a smaller percentage of the plan for less severe illnesses.
There are a few different ways that cover can be set up.
Single or Joint Policy
For a couple you can take single or joint life policies. With single life cover you each have your own plan so if one policy is claimed upon the other remains in force. So if you were both to die there would be two pay outs.
With a joint life plan you can insure yourself and your partner together and the policy will pay out just once, when the first person died.
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