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Syringe

Critical illness insurance

Serious illness and life-changing injuries can cause a great financial burden on you and your family. To protect against this Critical Illness insurance is designed to pay out a lump sum once diagnosed with a covered illness, condition or disability.

 

These funds could be used to pay regular bills, such as car or mortgage payments, or could be saved for the future. Critical illness cover is often included as part of a life insurance policy but can be taken our separately.

What is Critical Illness insurance?

How does it differ from Life Insurance?

Critical illness insurance pays out a lump sum if you are diagnosed with an insured illness or condition. The cover is usually added to life insurance policies (level-term and mortgage protection), but can be bought independently. Many plans cover in excess of 40 serious illnesses, including; several types of cancer, heart attack, stroke, and multiple sclerosis.

Life insurance pays out upon death, whereas critical illness cover pays out upon diagnosis of an insured condition. This is why both policies are often sold as a dual policies. They ensure different events, but both protect against financial difficulties.

Why do I need Critical Illness insurance?

The reason most people buy critical illness cover, or include it within their life insurance, is to replace the income lost if they are unable to work. This could either be permanent or for an extended period. Unfortunately, regardless of the condition you are in, there is a little release from mortgage, credit card or car payments.

If you consider the fact you are 4-5 times more likely to contract a critical illness than die before the age of 65, and the protection the cover gives your family, the benefits of critical illness cover become obvious.

  • Mortgage or rental costs

  • Bills or regular payments

  • Credit card debts

  • Dependants' future

  • Car loans or finance

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