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Critical Illness Cover is an insurance product where the insurer is contracted to typically make a lump sum cash payment if the policy holder is diagnosed with one critical illness listed in the insurance policy. It is usually ‘bolted on’ to a life assurance policy as an additional benefit but can also be a ‘stand-alone’ plan.
Cover usually pays a lump sum if you die, or diagnosed with an illness listed by the insurance company – ie; cancer, stroke, heart attack, coronary artery, by-pass surgery, kidney failure, major organ transplant, multiple sclerosis.
If you are young, single and no dependants it makes more sense to buy Critical Illness Cover (CI) rather than life insurance. Although for some families it is recommended that they get both CI cover and Life Insurance. It is possible to purchase a joint policy that can offer life insurance and CI Cover.
This is ideally for families who need a lump sum if they were to be diagnosed with a critical illness and need financial security and peace of mind knowing their loan, mortgage or even pay for time of work is covered. The lump sum could even be used for any necessary alterations made to your home.
*If you are already suffering from a critical illness before you begin considering to buy CI Cover it is recommended that you check the benefits before purchasing it as your new insurance cover will probably not cover the illness you have previously been diagnosed with.