Critical Illness Cover
Critical illness cover serves different purposes compared to any life insurance.
This might be the most important thing you pay for which hopefully you never need to use.
Critical illness insurance provides additional coverage for medical emergencies when suddenly diagnosis of a serious medical condition.
These plans cover diseases like cancer, major organ transplant, heart attack, stroke, kidney failure, and lung disease, amongst others.
There is no coverage if you’re diagnosed with some disease that isn’t on the specific list for your plan. The list of covered illnesses varies from one plan to another.
What is Critical Illness Cover?
This policy pays out upon diagnosis of a health condition either:
Lump sum to pay for any added expenses.
Monthly payments depending on policy selected.
This policy can also include optional extra benefits such as daily cash sum in the event hospital stays. For example, having a permanent total disability.
Some insurance companies offer cover only as part of a life assurance policy. Whereas others, can offer critical illness cover as a free-standing policy.
Below are strong reasons why you should have this protection:
If you and your family depend on your income alone.
If you do not have enough savings that would support, you over if you become seriously ill or permanently disabled.
If you do not have company employee benefit that protects against longer time off work caused by sickness.
How much cover is enough?
Amounts needed would depend upon your monthly living expenses. In this situation, we recommend covering a minimum period no less than 60 months.
This is approximately the amount of time the average person would need to recuperate.
In addition, pre-existing condition could cause many insurances company to deny your application and seriously limit your coverage.
Under those circumstances, it is important to get critical illness protection before reaching the age of 60.
Book your meeting today with our specialist advisors.