Whereas life insurance has been readily available for literally hundreds of years, critical illness insurance is a relatively recent development. Having a serious illness is not something any of us likes to think about. But it happens. Treating and coping with illness can mean significant and often unexpected costs including time away from your work.

 

Critical Illness Cover provides you with a cash lump sum, normally 2-3 times your total annual income, if you become permanently disabled due to illness or accident; or diagnosed as having suffered one of a number of specified critical illnesses such as cancer, heart attack or even a stroke. You should consider Critical Illness cover as an essential protection benefit, what would happen to you and your family's lifestyle if you were to suddenly suffer from as serious injury or illness. Statistics state that you are potentially 4 times more likely to need this protection before you reach the age of 60, than you are with pure Life Insurance.

What would you do if you had to give up your employment and stop earning money owing to severe ill health? How would you support your family if you were diagnosed with cancer, or you suffered a heart attack and can no longer go to work? If and when severe illness strikes, improvements in healthy living and medical science means there is a good chance that you will recover and get on with your life. Advances in medicine mean that even when diagnosed with a very serious disease, you are likely to survive. Many critical illness victims make a full recovery after a lengthy expensive treatment period so imagine recovering from a life threatening illness only to find you have zero cash from income and huge convalescing fees, unless of course you had the foresight to take cover out.

Critical Illness Insurance protects families and individuals against the financial hardships resulting from suffering a major illness. It does that by paying a lump sum depending on the amount of your cover. Critical Illness cover can also be called upon in the event of permanent and total disability or diagnosis of one of a number of specified serious illnesses. A person taking out a critical illness insurance policy will pay regular premium. The amount of the premiums will depend on certain factors, such as age, whether or not you smoke, family history (many critical illnesses are hereditary), and the level of critical illnesses insurance cover required.

F A Q

Why is Critical Illness Insurance Necessary?

It fills a very important gap in the holistic planning process. Life insurance pays on death, or when the insured is terminally ill, with no long term living benefits .Disability insurance replaces income, but is insufficient for the added burden of medical expenses. Personal and retirement savings have intended purposes, other than medical expenses. Long term care insurance is too restrictive and inflexible

Does Critical Illness Insurance pay in addition to other insurance, such as income protection?
Yes, Critical Illness benefits are paid in addition to other benefits; it is not intended to replace them. Income Protection insurance plans typically pay you a % of your salary, for the period of time that you are unable to perform your work. Critical Illness insurance gives you options not available with Income Protection Insurance.

Which Critical Illness product is best for me?
There are several types of Critical Illness products, including some that offer only critical illness coverage and some that combine critical illness coverage with death benefits; we will look at the best solution for you.

 

I actually look after the family and therefore don’t work, because I do not have a traditional occupation, can I purchase Critical Illness coverage?
Yes you can purchase Critical Illness coverage. The same goes for many other occupations that Income Protection is not available to.

 

On what basis can a plan be taken out?
The contract can be made on either a first life or joint life basis.

How much critical illness cover do I need?
You can choose the level of your premium or cover. Most people opt to cover the cost of their outstanding mortgage loan, very often covering potential education fees liability. Your policy should last at least as long as your outstanding mortgage.

What illnesses and other conditions are included in the critical illness Cover?
The following conditions are covered: heart attack, stroke, coronary artery bypass surgery, kidney failure, cancer, major organ transplant, heart valve replacement or repair, aorta surgery, terminal illness and multiple sclerosis. We also cover major burns and Paraplegia/paralysis. Some providers have extended lists in return for higher premiums.
It also covers total and permanent disability based on becoming permanently unable to follow any occupation for profit or reward up to age 65. Thereafter the benefit will be paid if you are unable to perform three of the five normal activities of daily living.

 

When are benefits paid?
Benefits will be paid following the receipt of satisfactory evidence of a claim.

 

What is my commitment?
You must pay a premium either each year or every six months and you should view your contract as being for the medium to long term.

Please contact us for a quotation