Standard Life now offers critical illness insurance. Its new policy covers 22 critical conditions.

“Standard Life Critical Illness Insurance” is available as insured sums from $25,000 to $2 million. It can be purchased as a policy in itself, or as a benefit attached to one of Standard Life’s term insurance or Perspecta Universal Life Insurance products.

Policy holders receive a lump sum payment to spend as they choose. For policy holders who die without claiming their critical illness insurance, their beneficiaries receive a lump sum payment equal to all the premiums that you have paid into your policy.

“Whether used to offset lost income, pay for drugs and treatments not covered by government or private insurance plans, provide home care, adapt a home to meet special needs, pay child care and housekeeping expenses or fulfil other needs and obligations, a critical illness insurance lump sum payment could have a significantly positive impact during a difficult time” adds Mark McCloskey, vice president, Sales – Individual Markets, Standard Life.