It is a relatively new insurance product which helps to protect your financial security should you be diagnoses with an illness or disease.
The diagnosis of a serious life altering or life threatening disease can be devastating to our lives on many levels – emotionally, physically and financially. A Critical Illness policy is purchased with the intent to help alleviate some of the potentially devastating effects of a serious diagnosis or event. A Critical Illness Insurance policy provides a tax free lump sum benefit for you to spend how you need to get through this hard time, such as private nursing, out of country medical aid, debt payment or a lifelong dream holiday. Each company varies on the covered conditions provided by their policies but the generally the standard covered illnesses are listed below.
The lump sum benefit just 30 days after the diagnosis of one of the following critical illnesses:
There are many options in terms of how a policy is structured such as a policy which is in place for 10 years, 20 years or level premium until the age of 75 and also paid up options. As with life insurance; Critical Illness coverage is the least expensive when we are healthy and young.
We believe that Critical Illness is an extremely valuable product and should be considered when putting your personal protection program together for you, your family and your financial security.