Critical illness cover is an insurance cover that financially supports policyholders from large expenses critical illnesses can bear.
The cover assists in diagnosis, treatment, and recovery.
The critical illness cover is billed similar to life insurance policies and has a fixed cost of premium that can be paid monthly or annually. The policy has a predetermined list of medical conditions that will be covered by the insurance.
Any condition excluded from that list will not be covered by the insurers.
The policy usually includes serious medical conditions like heart attack, stroke, cancer, etc.
All covered medical condition is included in the policy terms and therefore it is important to read all terms and conditions carefully thoroughly to make sure that the conditions you want to be covered against are included.
Do you need Critical Illness Cover?
Critical Illness Cover will provide you with a lump sum if you are diagnosed with any of the conditions included in the policy terms. The lump-sum helps replace your income, in case you are unable to work regularly due to illness or injury.
A critical illness cover is a must for those who do not have savings to fall back on in case you are diagnosed with any critical illness. It should be remembered that the savings should be enough to cover the medical expense as well as to sustain you and your family through recovery.
Likewise, you must avail of critical illness cover if you do not have any pre-existing cover provided by your employers
Cost of Critical Illness cover
The cost of a critical illness cover depends on the following factors:
- Age: the older you are the most costly the cover.
- Level of cover: the more extensive the cover, the higher the cost.
- Health or pre-existing medical conditions: you present state of health largely affects the cost of the cover and if you have any pre-existing conditions, they are likely to be excluded from the cover
- Lifestyle: if you indulge in habits like smoking or excessive drinking, you are likely to pay more.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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