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WHAT IS CRITICAL ILLNESS COVER?
Critical illness cover is a form of insurance which pays out a tax-free lump sum in the event that you are diagnosed with a specified illness or medical condition during the term of the policy.
Critical illness cover is not the same thing as life insurance. Critical illness cover will pay out a lump sum if you are diagnosed with a certain illness that is named in the policy, while life insurance pays out if you die during the term of the policy.
do I need CRITICAL ILLNESS COVER?
Could your family cope financially if you were to become seriously ill and could not earn a living? It’s not a nice question to consider, but it’s an important one to ask. If you think your loved ones would struggle to pay the mortgage or meet the cost of other household bills, you should consider critical illness insurance.
A critical illness can affect anyone at any age and can turn lives upside down. In the event of being unable to work due to critical illness, having a back-up plan in place can alleviate some of the financial stress of the situation. Some people may use their savings to supplement their loss of income, others may rely on an employment benefit package, while others may find that Critical Illness Cover is their best option.
Critical illness & life insurance combination
Critical illness cover is usually cheaper if you buy it alongside a life insurance plan. However there is normally only one pay-out when they are combined. So, if you claim for a critical illness, you would not receive a further payout upon death.
A TAX FREE Financial lifeline
The policy pays out a tax-free lump sum if you are diagnosed with one of a list of serious conditions within the policy term. You can spend the money how you wish, so you could use it to clear any debts, pay for medical bills or to adapt your home to your particular needs. In other words, it can offer a financial lifeline in a time of crisis.