Critical illness coverage offers a financial safety net when you and your family need it most. Critical illness can be added onto your existing life insurance policy to help you alleviate the financial burden of being sick and unable to work. It’s not something one likes to think about, but the truth is that anyone can be diagnosed with a critical illness, at any age. So, investing in critical illness cover now ensures you and your loved ones are protected during difficult times.
This does not constitute advice and advice should be sought in all instances before acting on it.
Ease recovery and safeguard your future
If you were to be diagnosed with a critical illness, you will likely need to take time away from work to recover, if your illness even allows you to return to work at some point. In the event that you require renovations to your home or specialised care, you don’t want to be worrying about how you’re going to pay for it all. Critical illness cover ensures your focus can stay on getting healthy again and not on how healthy your bank account is.
With your critical illness cover, you get a tax-free lump sum upon acceptance of your claim. Your policy will detail the exact conditions covered, but generally you can expect a payout if you’re diagnosed with life-threatening or debilitating conditions such as heart attacks, strokes, certain types of cancer, multiple sclerosis, and more.
Comprehensive critical illness policy
A comprehensive critical illness policy offers broader coverage, which can include protection against loss of sight, permanent hearing loss, and total and permanent disability that prevents you from working, including loss of limb. It’s important to remember that even though more conditions are covered, not all will be, so don’t forget to check your individual policy to ensure any condition you might want covered, is.
Sometimes your needs change, like after major life events such as getting married or having children, and you’ll need to increase your coverage. When it comes to renewing or replacing an existing policy, if you have developed a new illness, it might not be covered when it comes time to switch. Be sure to consult with your adviser before making any changes to your protection policies.
Getting through the survival period
Usually, critical illness policies do not pay out instantly upon diagnosis of a covered condition. Instead, most policies include a ‘survival period’, which means the policy holder must survive for a predetermined duration after they have been diagnosed before the policy pays out. If the insured individual passes away within this timeframe, then despite meeting all other criteria, no payout will be provided.
Affording the premiums
Various factors influence the cost of critical illness coverage, such as the type of policy selected, the individual’s age, desired payout amount and smoking habits. For a policy that ensures adequate coverage but doesn’t break the bank, be sure to speak to a professional.
Ensure you are sufficiently covered
A critical illness diagnosis is not the death note it used to be thanks to advancements in medicine. But just because treatment and assistance is available nowadays, doesn’t mean it’s affordable. Critical illness coverage provides peace of mind during those times as you’ve got your finances covered. Don’t leave your financial and personal wellbeing to chance, get in contact with the experts at Dental & Medical Financial Services today.