Many recognise having a life insurance policy as an essential, ensuring the financial security of your family in case the worst should happen. Of these people there are a huge amount that neglect the importance of critical illness cover. But, when taking out a life insurance policy, critical illness cover really shouldn’t be forgotten about.
What is the Difference Between Life Insurance and Critical Illness Cover?
Life insurance usually pays a lump sum to your financial dependents in the event of your death. On the other hand, critical illness cover means that if you are afflicted with a critical illness or long-term medical condition, you will receive a lump sum to help pay for any expenses that you may have throughout the duration of your illness. This is intended to cover for the potential loss of earnings you may experience if you’re diagnosed with a long-term illness.
Why Should You Have Both Life Insurance and Critical Illness Cover?
As complicated as it can seem to understand the difference between life insurance and critical illness, it’s very simple. And, once you understand, it’s really simple to see why you need both. If you suffer a long-term illness which leads to healthcare expenses (healthcare in the UAE is expensive) and a loss of earnings, then having life insurance just won’t cut it. Your financial dependents may be faced with a very difficult reality of the financial implications of a debilitating illness.
Often, there can be a period of long-term illness before you die and this can create months of financial strain which is then exasperated by costs associated with death. If you have both policies however, and your death is preceded by a long-term illness, then essentially you receive two different pay-outs. Getting critical illness cover doesn’t have to be an ordeal and is even included in many of the better life insurance policies out there.
Critical illnesses are common and you’re more likely to suffer from a critical illness than dying during the term of your policy. There are hundreds of medical conditions that might be covered by a critical illness policy including cancer, strokes and heart attacks. Illnesses of this type are increasingly common, and claims are increasing in the UAE.
Critical illness cover doesn’t have to cost a fortune – it can actually be relatively affordable once you start looking at what policies are available. And when living in the UAE – an area with one of the highest costs of living in the world – there really can’t be enough emphasis on protecting the financial security of your family in the event of the worst.
Contact us.
If you’re concerned about whether you have enough cover or want to discuss what policy is right for you, contact IAE Insure today at info@iaeinsure.ae or call +971 4 396 1878 for a FREE no obligation quote. Visit us at www.iaeinsure.ae.
