CRITICAL ILLNESS Insurance
Critical illness insurance is an insurance plan that provides you and your dependants with financial cover should you be diagnosed with a serious illness. Different from a life insurance policy which normally pays out upon death, critical illness pays out a cash lump sum upon diagnosis of a range of diseases, providing you survive for a set period after the diagnosis - typically 21 days.
Illnesses covered by the plan do not have to be classified as terminal. They will normally include serious illnesses such as a stoke, heart attack, cancer and Alzheimer's disease amongst others. Many critical illness policies also cover conditions that are deemed to seriously compromise your quality of life and/or your ability to earn. Conditions covered may include loss of limbs, blindness, deafness and third degree burns.
Critical illness insurance provides many people with peace of mind, as should they become seriously ill there will be funds available to pay off their outstanding debts. This is particularly relevant for people with mortgage commitments as, providing the amount taken out on the policy is sufficient, their mortgage will be paid off so enabling them to secure their home.Please review the resources on our site for more information on critical illness insurance.