Critical Illness Cover

Critical illness cover includes protection for severe and lasting health conditions such as heart attacks, strokes, amputations, or serious diseases like cancer, multiple sclerosis, or Parkinson’s disease.

• It helps with costs not covered by medical insurance, including childcare and transportation.
• You receive a direct lump sum payment for covered conditions to use as needed.
• A variety of significant illnesses are covered under most plans.

Having income protection provides broader cover, critical illness cover offers a lump sum for significant health issues, complementing income protection’s regular payments.

Critical illness cover provides financial support upon diagnosis of a covered illness, benefiting you and your family during your lifetime. Life insurance pays a lump sum to beneficiaries after your death.

Yes, you can apply regardless of past diagnoses, but you must disclose your health history and undergo the insurer’s medical underwriting process.

Critical illness cover usually doesn’t payout if you die.

Life insurance pays out if you pass away during the term of the policy and it is most common to take a critical illness policy in addition to a life insurance policy.

Yes, you can purchase critical illness cover as standalone insurance, offering protection against the financial impacts of a critical diagnosis without life insurance.

The most common claims include heart attacks, cancers and strokes.

The cover depends on the insurer. However, you could take out Critical Illness cover up to age 70, with most policies ending before turning 75. Generally the maximum policy term is 50 years.

Critical illness cover can be expensive due to its comprehensive cover of serious conditions, the high incidence rates of these conditions, and the significant lump-sum payouts upon diagnosis. Additionally, factors like medical advances increasing treatment costs, the age and health of the policyholder, inflation impacting medical expenses and cost of living, and potentially low competition in the insurance market, all contribute to the higher premiums.

It’s crucial for individuals to compare policies and consult with an advisor to find the most suitable and cost-effective cover.

Yes, Children’s Critical Illness cover is available up to age 18 or 21 if in full-time education.

Consider your monthly earnings, dependents’ financial needs, outstanding debts, monthly essentials, and what you can afford for coverage.

The term can be integrated with life insurance or chosen independently, often lasting until significant debts are paid or dependents are financially independent.

Payouts depend on the cover amount and specific illness, with full amounts for core illnesses and partial for additional conditions, ending or continuing the policy accordingly.