Critical Illness Insurance - Illness covered

In the event of a life-threatening illness, critical illness coverage provides a tax-free lump sum benefit. This tax-free lump sum can be used to assist with day-to-day living expenses or pay off full or portion of debt or can replace income. Dealing with financial difficulties when struggling with medical conditions such as Cancer or a Heart conditions or other major Critical Illness only exacerbate problems. Critical illness insurance can be taken out as stand alone policy or as a rider along with life insurance policy.

Advantages of Critical Illness Insurance

• Tax-free lump sum. after 30 days of being diagnosed with a life-threatening illness, a critical illness insurance policy pays out a tax-free lump sum;
• Family protection. Critical illness insurance is essential for those that have a mortgage to pay or young family to protect;
• Covers up to 26 diseases. Whilst the specifics of what is covered by critical illness cover vary between policies, all should cover:  cancer, heart attacks, coronary artery bypass and strokes;
• Peace-of-mind. Whilst nobody expects to get a life-threatening illness, critical illness cover provides a family with peace-of-mind as to God forbid in the case family is struck with family member with Critical Illness all they have to worry about is health conditions and recovery and not about finances.
• Guaranteed premiums. While renewable premiums tend to be cheaper to begin with, however it becomes expensive to renew. It is advisable to get longer term like till age 65 or till age 75 where premiums don’t change.