What is Critical Illness Cover?
Terminal illness cover pays out a Lump sum on diagnoses of
an incurable disease or illness.
This money will then be used to cover all debts while in treatment
and also to have overhead expenses covered while you might
not be able to work.
Why Critical Illness Cover?
Discovering that you have a terminal illness can have a devastating
impact on your dependants and finances.
The duration of some illnesses can not be predicted and for
as long as we want to keep ourselves alive, whether it’s
in Hospital or at home we will need money to provide us with
the care taking.
Most illness benefits can be claimed on permanent diagnoses
and some can only be claimed partially.
Modern day Terminal illness policy’s have between 20
and 65 different illnesses listed from which different amounts
on particular illnesses can be claimed.
How much is enough Critical Illness Cover?
As modern day medical technology improves we could live up
to the ages of 90 years. The claim statistics have already
shown that more people become disabled because of a disease
and then live longer with that decease, making it impossible
to support their life span with only pension savings.
This can cripple your finances as well as your dependant’s
life style.
Based on family history and current health condition, it
is important to have enough illness cover while you can still
afford it.
Drawing an application will determine what the premium amount
for your cover will be.
There is always a possibility that you can become uninsurable
against future traumatic events, buying future illness cover
will be an option that must be considered.
Illness events:
Cancer
Heart attack
Stroke
Open-heart surgery
(including coronary artery bypass graft)
Aortic surgery
Heart transplant
Cardiomyopathy
Multiple sclerosis
Motor neurone disease
Accidental brain damage
Dementia (including Alzheimer’s
disease)
Parkinsonism
Bacterial meningitis
Benign brain tumour
Coma
Liver transplant
Pancreas transplant
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Chronic liver failure
Lung transplant
Chronic respiratory failure
Kidney transplant
Kidney failure
Rheumatoid arthritis
Paralysis
Muscular dystrophy
Accidental HIV via a blood transfusion
Accidental HIV for medical, dental or
nurse practitioners
Accidental HIV via an organ transplant
Accidental HIV via a road traffi c accident
Accidental HIV via violent crime, rape or
indecent assault
Full-blown AIDS (only available if the
Severe Illness Benefi t is an accelerator)
Bone marrow transplant
Severe aplastic anaemia |
The above listed are some of the most common diseases, but
there are more.
Affordable Critical Illness cover:
The affordability of the Illness cover will depend on what
you would like mostly to be insured and how much cover you
need, what the waiting period on the claim will be and for
how long you want the cover for.
If we buy illness cover it is best to select the whole life
option.
While you are young it is reasonably affordable but as you
get closer to you 40’s and 50” it could cost you
a substantial amount of money and by then you might just be
un insurable.
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