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Critical Illness Cover

What Is Critical Illness Insurance?

Critical Illness Cover is designed to provide you with a lump sum if you were diagnosed with a critical illness of disability. For example, if you suffered from a heart attack and had to retire early, or if you were to need prolonged treatment for cancer. You’ll pay a monthly premium for the length of the policy and if you are diagnosed with a covered illness, you’ll receive a payout.

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How Does Critical Illness Coverage Work?

Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy. It only pays out once, after which the policy ends. The conditions and illnesses covered can vary significantly between different insurers.

The most comprehensive policies cover 50 different conditions or more, but others are much more limited. Most policies will also consider permanent disabilities as a result of injury or illness. That’s why it’s incredibly important to be guided through the process to ensure your cover is right for you.

What Critical Illness Coverage Do I Need?

Critical illness cover will payout if you have a life changing illness or disability which is covered by the policy. You’ll need to consider what impact that may have on your finances, such as if you weren’t able to continue working. Some things you could consider are:

Monthly mortgage payments and the outstanding balance.

Any other debt in your name.

Monthly living expenses.

Treatment and support costs.