Critical Illness Cover

Critical Illness Cover

Life is beautiful, but this world can be unpredictable and a cruel place. People never know when something critical affecting their health will take place, so it is wise to expect the unexpected and plan for such situations.

What is critical illness cover?

Critical illness cover offers you that opportunity. It is a type of life insurance policy that will support you or a loved one in case of a severe injury or illness. Nonetheless, unlike life insurance that pays out to indicated individuals when someone passes away, critical illness cover pays out a tax-free lump-sum when you or a loved one falls critically ill. It only covers diseases or injuries indicated in the policy, and the payout takes place once. Some of the most common medical situations covered can include Alzheimer’s disease, stroke, non-terminal cancer, pregnancy illnesses, depression, physical disability due to an injury, and multiple sclerosis.

Critical illness insurance may not include illnesses that were present prior to acquiring the cover. It may also exclude severe illnesses like organ failure, Parkinson’s disease, organ transplants, or traumatic head injuries. Some companies may cover physical disabilities, while others may not, so make sure you confirm this with your insurance company before signing up.

The power of critical illness cover

Critical illness insurance is particularly useful when an illness or injury renders one unable to work. It can assist with lost earnings, private medical treatment, mortgage payments, and household bills. This insurance cover is typically offered on top of life insurance. It is available in two versions: additional cover and combined cover.

1. Additional critical illness cover
Additional critical illness cover will pay out when you fall critically ill and when you pass away. Albeit more expensive, you will be covered in either case.

2. Combined critical illness cover
Combined critical illness cover will pay out either when one falls critically ill or passes away. The event that takes place first settles the payout. It’s more affordable but caters to one outcome only.

Joint life insurance with critical illness cover is an option for those with partners. Nevertheless, the payout will still take place once, meaning the person who will need the insurance first is the one who’ll benefit from it. Three-quarters of the people who invest in critical illness cover prefer a single critical illness policy – one that insures an individual. Only 25 per cent of the people who invest in this insurance go for a joint critical illness policy. Fortunately, children are included in the policy without any additional charges.

Decisions! Decisions! Decisions!

If you need assistance with determining the best policy for your situation, our team are available to guide you to make the best choice. We will explain important things you should pay attention to, including:

  • The inclusion of life insurance
  • The time left on your mortgage
  • Expenses you’d like taken care of, such as mortgage payments, loans, debts, living expenses, education fees, and household bills, among others.
  • The time left for debts or loans;
  • How long the cover should last – until retirement or beyond (age limit is 75)
  • The elements that influence your premiums; for instance, amount and term of cover, medical history, lifestyle, occupation, age, or current health status.

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How much?

Life Insurance ranges in price based on a number of factors, so it is advisable to seek a no-obligation quote. Joint policies can often save a considerable amount when compared to two individual policies so speak to an advisor to fully understand your options.

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