How to enter a policy that combines Term Life and Critical Illness cover

The software does not currently model term linked CI cover. This is in queue for future development.

In the meantime, enter the policy coverages on their respective screens, being sure to account for the premiums on only one of the two screens so as not to double account for the expense. If this is is joint CI cover, enter separate policies on the Critical Illness screen for both client and spouse/partner.

When entering the CI cover, be sure that the selected start event and the policy's term match those set for the life cover.

Payout of Critical Illness Cover

CI cover will only pay out in scenarios where you model a critical illness by adding a Critical Illness event onto the timeline using the Special Events. You will find these Special Events in the + button bottom right - Events. 


Also note that if you are running a scenario for critical illness, be sure to move the premium to the CI policy and remove the term policy from the plan, assuming that cover and premiums from the two policies combined end after the CI benefit payout.


Joint Cover

There is no concept of joint CI cover in the software, so you would need to make an entry for the client and another for the co-insured.

If you were to model the payout from the CI policy in a scenario, be sure to delete the second of the two CI entries. You would also need to switch the policy premium from the Term & Endowment screen to the Critical Illness screen and delete the life policy. The two/three policies aren't actually linked, so the life cover would remain in the plan even after the CI payout and the assumption is that the policy pays out on critical illness or death, but not twice, on both events.

Please note that there isn't an option to index the sum assured for Critical Illness, at present. One can model Critical Illness as a 'decreasing term' (i.e. mortgage protection) policy, but there is no option to escalate at present. As such, one would need to tailor the sum assured, as appropriate, to the particular scenario, if you're wanting to model a pay-out.