Critical Illness

Protection for you and your loved ones

What is critical illness insurance?

Critical illness insurance is a type of insurance policy that protects you financially should you become seriously ill and unable to work.

If you are diagnosed with an insured medical illness, your critical illness insurance will pay you a one-off, tax-free lump sum of money to alleviate the financial concerns of being unable to work and help towards covering any lost income, including for mortgage payments and health-care costs.

How does critical illness insurance work?

Critical illness insurance gives you financial support when you need it most and allows you to focus on your health and recovery if you were to become unexpectedly seriously ill or injured.

Critical illness insurance is normally offered as an add-on to a life insurance policy, although occasionally you may be able to find standalone critical illness cover.

If you choose to add-on critical illness cover to your existing life insurance policy, you will usually be able to choose between two different types: Additional cover and Combined cover.

Additional cover means that you are eligible to receive a pay-out both when you pass away and if you were to be diagnosed with a critical illness while a combined life insurance and critical illness policy will pay out only once – either when you pass away or if you are diagnosed with a critical illness.

Indeed, how much critical illness cover you need depends on what you want to cover, how much you are able to afford to pay each month, and for how long you would like to be insured. However, both adding-on and combining critical illness cover with your existing life insurance policy offers you the financial protection and peace of mind you need to protect both your standard of living and your family in the event that you become seriously ill.

Do I need critical illness insurance?

Critical illness cover can be a reassuring source of financial support if you were to fall ill and be forced to stop work. Indeed, although we can never truly know what is around the corner for our health, we can make plans so that we are prepared financially if the worst were to happen.

Critical illness cover can help with many of the expenses that otherwise you may not be able to afford should you become critically ill and unable to work. Critical illness cover is especially useful if you don’t have savings to fall back on for it can maintain your living standards and help pay your rent or mortgage, recoup your lost earnings, pay your household bills, and afford private medical treatment.

If you are interested in acquiring critical illness insurance, or are still unsure if it is necessary for your particular circumstances, please contact us today to speak to an advisor and discuss your requirements.

Alternatively, we also offer other types of insurance that can give you peace of mind that you may be interested in, including Life Insurance and Accident and Sickness Insurance.

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