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Critical Illness Cover
When illness strikes, it can be both daunting and expensive. Critical Illness Cover offers a vital lifeline for you and your family when faced with serious health challenges; providing peace of mind that the financial impacts will not have to add to the worry.
With cover in place from this policy type there'll be one less thing on your mind if life throws something unexpected at you, as those affected will receive either lump sum or monthly payments depending on their individual plan - helping them cope during an incredibly crucial time as seamlessly as possible.
what's in it for you?
Critical illness insurance can provide financial security if you suffer from certain physical disabilities as a result of severe accidents or medical conditions. Examples include heart attacks, strokes, non-terminal cancer and organ transplants to name a few - all of which have varying levels of severity that may affect the coverage provided by your policy.
It's important not to confuse critical illness with terminal illnesses however; this type pays out regardless when it meets the specific criteria listed in your contract. Unbeknownst to many, in order for critical illness policies to be valid, the severe condition must come from a list of specified and approved sicknesses.
Furthermore, terminal illness cover only kicks in when one's lifespan is forecasted to last less than 12 months with an inability find a cure - emphasizing the importance double-checking your coverage details prior any sign up!
Critical Illness Insurance pays out a tax-free lump sum on the diagnosis of certain life-threatening or debilitating (but not fatal) conditions including heart attack, stroke, cancer and major organ transplants.
This list will vary depending on the insurer, as will the exclusions for making a claim.
Critical Illness Insurance often comes as an optional addition to a Life Insurance policy, but can also be purchased on its own.
Policies usually only pay out once, so they don’t necessarily replace your regular income, but you can use the money towards medical treatment, your mortgage or anything else you choose.
Many people buy Critical Illness Insurance when they take on a major commitment, like a mortgage, or start a family. However, since we’d all like to have our financial commitments lightened if we were to suffer a serious illness or injury, the cover is relevant for most of us at any time.
If you already have Critical Illness Insurance you should think carefully before you cancel your existing policy and take out a new one.
For example, if you’ve developed any illnesses since you first took out the policy, you may lose some of the benefits when you replace it. That’s because pre-existing medical conditions may not be covered by the new policy.
This article (Critical Illness Cover) is intended to provide a general appreciation of the topic and it is not advice. For more information please click the button below.