Critical Illness Insurance Access
Most people take out some form of life insurance during their life, and we usually understand the concept of a payout if we die. But many people don't understand and therefore don't take critical illness insurance cover. Unlike life insurance, critical illness policies will pay out while you are still alive, if you are diagnosed with a specific serious medical condition. This is valuable because nowadays, due to medical advances, we're actually far more likely to become seriously ill before retirement age than we are to die. Therefore, critical illness insurance cover can be a great idea!
What does it cover?
The list varies according to insurer, but typically:
- Heart attack
- Cancer
- Stroke
- Kidney failure
- Major organ transplant
- Coronary artery bypass
- Permanent total disability
- Benign brain tumour
- Loss of a limb, sight, speech, hearing
- Multiple Sclerosis
- Paralysis
- Parkinson's disease
Looking at this list, we can see that critical illness insurance cover isn't just about the money, it's about the emotional and physical stress of being ill. If you had one of the above conditions, financial problems would the last thing you would want to add to your own and your family's distress.
People are nowadays much more likely to get a critical medical condition before we reach retirement age than we are to die. So critical illness insurance cover really does make a lot of sense.
What could we use the money for?
Absolutely anything - and it's tax free!
- Living expenses
- Substituting for your salary
- Medical adaptation of your home
- Nursing care
- A holiday to convalesce
- Children's education
- Repaying the mortgage and other debts
How do I find out more?
Explore Finance has a range of critical illness insurance cover options available from our insurers. Apply online for a quote and see how much this type of cover costs for the amount of peace of mind it gives.
