Critical Illness Cover

Want to Know More About Critical Illness Cover?

Have you ever thought what will happen to your family if you can no longer work? Can your loved ones survive financially if you are unable to pay the bills or mortgage due to illness? Critical Illness Cover will protect your family in the unfortunate event that this scenario occurs. We never know what life will bring for us, but critical illness insurance is one way to prepare for the worst.

In the case of serious illness such as a stroke, heart attack, cancer, or any other that meets the insurance company’s definition of serious illness, you may receive critical illness coverage while you are alive so that you and your family can get the support, which you weren’t able to get otherwise. Money can also be used to create enjoyable memories, such as dream vacations and trips or simply recuperate.

Critical illness policy is immensely useful for people who are seriously ill, forced to quit their jobs or become independent, and need expensive nursing care. In addition, you may also get coverage for children at no extra charge. With all our insurance companies, critical illness benefits are paid even in the event of death just like those paid in Life insurance policy.

The Difference Between Critical Illness Insurance & Life Insurance

Critical Illness Cover is structured to pay you when you are diagnosed with a life-changing illness, as stated by your insurance provider. Not all diseases are covered, so it is necessary to understand which diseases are covered and which are not.

Life Insurance is designed to pay out when you pass away, giving you peace of mind that your loved ones will be financially secure. This can pay off a mortgage or provide a lump sum to the family.

Are You Aware of the Benefits of Critical Illness Cover?

Tax-ExemptedPayout

The money you acquire from critical illness coverage is exempt from tax. Therefore, in case you are diagnosed with a serious ailment at some stage in the coverage time period and it’s also one of the pre-described ailments listed, you get the overall quantity and none of it’s taken through the tax authority.

Possibility of Dream Vacation

Consider the scenario where you are diagnosed with a life-threatening disease, so you might need to tick a pair of things off of your bucket list. This policy may to do this for you, allowing you to take that vacation of a life-time and creating many cherish able moments at a time while they`re purely needed.

Monetary Protection

You can utilize the money to repay any money owed or to be sure that you have something to assist your family in hard times. If needed, the amount can also be used to pay for medical costs or for adjusting your own home to address the ailment.

Cover to Children

While critical illness coverage is taken out, many insurers will also cover your children but the pay-out relies on what the insurer is offering. You`ll have extra peace of mind knowing your children are also covered.

Are There Any Possible Concerns for Critical Illness Coverage?

Once you stop paying premiums, as with life insurance, critical illness coverage ends and you are no longer protected. Before purchasing a policy, it is important to check whether you can afford insurance cover.

Plans may not cover all definitions of critical illness as these vary by policy providers and are documented in core feature and policy documents during planning.

Honesty is the best policy! It is very important to be completely transparent and honest when applying for cover. If you are required to make a claim but you had not disclosed your medical history, your claim may be denied for this reason.

The policy will have no redemption value if it has no investment component to it, and will expire at the end of the term. This means that if a serious illness is not diagnosed before the policy expires, nothing will be returned after the policy expires. Also, if the premiums are not maintained, the cover will fall too.

What Affects the Cost of Critical Illness Insurance?

The cost of a critical illness plan is influenced by several factors such as the likelihood of you making the claim, Age, Health and Lifestyle. This means your insurance premiums may be decreased by making positive health changes, such as taking measures to lose weight, quit smoking, or drink less.