Critical Illness vs. Terminal Illness:

Both critical and terminal illnesses are referred to serious medical conditions. But the difference is that a critical illness means a specified serious injury, illness or medical phase, whereas a terminal diagnosis is referred when your medical consultant reports that the illness will cause death within a year or so.

Benefits of Critical Illness Cover:

Critical Illness Cover can be included at an additional cost to your Life Insurance or Decreasing Insurance. This pays out a cash sum if you’re diagnosed with, or undergo a medical treatment for one of the specified critical illnesses that are covered during the length of your policy, and you survive 14 days after diagnosis. The lists of illnesses included in your policy can be; many types of cancer, heart attack, stroke and many more. It’s crucial to note that some types of cancer are not included and you need to have permanent symptoms to claim for some illnesses. Also, remember this is not an investment product and has no cash value unless a valid claim is made. 

Benefits of Terminal Illness Cover:

Terminal Illness Cover is certainly included at no extra cost on all Life Insurance and Decreasing insurance policies with a term of at least 2 years. This pays out the full amount of cover if you are diagnosed with a terminal illness during the policy term. A terminal illness is one that has no known treatment or has reached a point where it cannot be treated, and as per your consultant and insurance medical officer is expected to cause death within 12 months. Your cash benefit would be paid on receipt of a valid claim, and you can decide how and where the money is spent. Similar Critical Illness Cover, it’s important to know that it is not a savings product and has no cash value unless a valid claim is made. You must also note that no claim for terminal illness cover can be made once the insured person has passed away.

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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