Critical illness cover supports you financially if you’re diagnosed with one of the conditions included in the policy.
The tax-free, one-off payment helps pay for your treatment, mortgage, rent or changes to your home, such as wheelchair access, should you need it.
These conditions can include major illnesses like cancer, heart attack, stroke, organ transplant, and more. The policy typically outlines a specific list of covered illnesses, and if the policyholder is diagnosed with any of those conditions, they become eligible to receive the lump-sum payout.
Critical Illness Cover is often purchased alongside Term Assurance (Term Life Insurance) or mortgage protection insurance. The rationale behind this is to provide comprehensive financial protection.
While Term Assurance covers the financial needs of the family in case of the policyholder's death, Critical Illness Cover addresses the financial impact of a serious illness that might not result in death but could lead to substantial medical expenses and changes in lifestyle.
By having both Term Assurance and Critical Illness Cover, policyholders can ensure that their loved ones are protected in both scenarios—death and critical illness.
Before purchasing any insurance policy, including Critical Illness Cover, it's important to carefully review the terms, conditions, and coverage details to ensure that it aligns with your needs and financial situation.
Consulting with a financial advisor can also provide valuable insights into making the right choices for your specific circumstances.
