Specified illness cover is sometimes referred to as critical illness cover or serious illness cover, but they are essentially one and the same. It is a form of insurance that pays out a tax-free lump sum if you’re diagnosed with a serious illness during the term of your policy. Specified illness cover can be purchased as standalone cover, or it can be combined with life cover on your mortgage protection or life insurance policy.
What to look for in a Specified Illness policy So something has happened, maybe a friend or a family member has gotten sick and you’ve seen the financial impact that this can have. Maybe you’ve just become more aware of the financial impact a serious illness would have on your own life. You’ve decided that it’s time to investigate serious illness policies. So where do you start?