CeMAP Exam

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Which of the following statements BEST describes the key difference between Critical Illness Cover (CIC) and Income Protection (IP)?

CIC pays a monthly income, while IP pays a one-off lump sum. CIC covers any illness that stops you from working, while IP only covers specified conditions. CIC is only available with a mortgage, whereas IP is a standalone product. CIC pays a tax-free lump sum on diagnosis of a specified condition, while IP provides a regular replacement income if the policyholder is unable to work.

Correct Answer:

CIC pays a tax-free lump sum on diagnosis of a specified condition, while IP provides a regular replacement income if the policyholder is unable to work.

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