What is Critical Illness Cover?
Critical illness Cover is an insurance policy that pays out a tax-free lump sum when a defined medical event occurs; if you’re diagnosed with or undergo surgery for a critical illness that meets the providers policy definition during the policy term. For example, following a heart attack, stroke, cancer or another defined critical illness. The provider will only cover the critical illnesses that they have defined in their policy criteria and no others.
Critical Illness Cover is designed to help support you and your family financially when you are diagnosed with a critical illness- so you can solely focus on your recovery without having to worry about how your bills will be paid. Most people choose a lump sum to be paid out, but there is the option to receive the payout as a set income over the term remaining.
Your cover is for a set term, which will be based on how much you want to pay each month (premium) and how long you want your policy to last (policy term).
Are my children covered under my policy?
Some insurers will offer additional benefits such as Children’s Critical Illness Cover which can be added to your policy. Children’s Critical Illness covers many childhood cancers, strokes and benign brain tumours. Childrens Critical Illness Cover will often cover your children up until they reach their 23rd birthday.
Childrens Critical Illness insurance is available as an optional feature of selected protection policies and is not available as a stand-alone product. Any premium payable for this benefit is in addition to the cost of the core protection policy and may be subject to its own terms and conditions.
