Critical Illness Cover
Critical illness insurance gives money if you get a serious medical condition listed in the policy. The money can help with medical costs, lost income, or other expenses. Check the policy details to know which illnesses are covered. Planning ahead with this insurance can offer peace of mind for you and your family. Critical illness insurance is designed to provide financial support if you are diagnosed with a serious medical condition covered by the policy. Typically, this type of insurance pays out a tax-free lump sum upon diagnosis, helping to cover expenses such as medical treatment, ongoing care, or even modifications to your home. The conditions covered can vary between insurance providers but often include cancer, heart attacks, strokes, and organ transplants. It is important to carefully review the policy details to understand the specific illnesses covered and any exclusions that may apply.
WHY DO I NEED A CRITICAL ILLNESS COVER?
1. It can help cover expenses that medical insurance may not
Medical insurance may only cover a portion of the expenses associated with treating a serious illness. Critical illness insurance can provide funds to help you pay for unexpected costs, such as childcare, transportation, and grocery delivery, that may not be covered by your medical insurance.
2. It pays a lump sum directly to you
One of the benefits of critical illness insurance is that it pays a lump sum directly to you for covered conditions — not to healthcare providers. You can use the money on anything you need, including household expenses, medical payments, or personal needs for you and your family.
3. It covers a range of serious illnesses
Critical illness insurance often provides payment for conditions like heart attacks, strokes, and diseases. The specific conditions covered can vary depending on your plan, so be sure to consult your policy to understand what is included.
Additionally, having critical illness insurance can bring you and your family some relief if you're faced with expenses from an illness. It may be a good fit if your employer offers it at a low cost, you or a family member has a history of health issues, or you or a family member are suddenly diagnosed with a critical illness.