Pay-outs from Critical Illness (CI) policies are triggered using the special Critical Illness icon found in the Special Events section of the events 'palette'.
Ordinarily, one would be modelling the pay-out from a CI policy, as a hypothetical situation, within a 'what-if scenario; there is nothing to stop you from doing this in the Base Plan, however, should it apply to your client's current situation.
Modelling Critical Illness Policy pay-outs
Select the Critical Illness Special Event Tile.
Check the policy owner. Select the Timing as to when the Critical Illness payout will be scheduled to occur either by selecting the Year, the Age or edit the Timing on the slider bar.
Click Done.
Entering Critical Illness policies
Enter a Critical Illness policy by selecting the + button > Protection > Critical Illness
Ensure you select the owner of the policy, the Premium and Benefit Amount, when the premiums will begin, either at a certain age or an event and finally, how long the remaining term is for the policy. Click on Timing.
When you select Timing you can then click on the Event that you have already created and 'Set as Start Event'.
Click Done
This event will trigger the pay-out of any active CI policies owned by the owner of the Critical Illness event, provided the policy is still within its term (is active) in the year the critical illness event is scheduled.
NOTE - unlike an Income Protection event, the Critical Illness (CI) event does not end one's employment, since you could be critically ill and continue to work.
To view the pay-out from the CI policy, go to the Cash Flow tab in Year View, move the slider to the year/age in which the critical illness is scheduled.
Pay-outs can also be seen on the Protection tab.
The Critical Illness Event can be used in conjunction with the Income Protection Events, more information in this guide: Disability Special Events - Loss of Income and Income Protection - IE
Clients Income ends with Critical Illness
If you want to assume that the client's income ends with the critical illness, in your what-if scenario, select the CI event as the end event for the person's employment. To do this, go to the Dashboard, select the person's income, go to Timing, click on the event that has been created and 'Set as Start Event'. This will then end the clients income at the Critical Illness Event.
Client has Life and Critical Illness policies
Finally, in many instances, clients have Term Life Protection, with Critical Illness. Voyant does not model a combined life/CIC policy, we usually recommend that advisers enter both types of cover into the client plan individually, while only entering a premium amount for one of the two, usually the term cover.
If this is the case and you are running a CI scenario, remove the life policy from the Dashboard so as not to double-count for the pay-out, given that combined policies will ordinarily pay-out on a 'first event' basis, only. Also, move the premium, which was once paid via the life cover, over to the CI policy, using the Dashboard > Protection >Critical Illness screen.
All of this needs only to be done in your CI pay-out scenario, and only in cases where the term and CI cover are linked.