What is critical illness cover?
Put simply, a critical illness is something that has a life changing effect, but does not kill you instantly.
Critical Illness Cover is designed to pay out a guaranteed sum of money if you are diagnosed as suffering from one of the specified critical illnesses covered and you are eligible to claim during your chosen term. Death Benefit and Terminal Illness Cover can also be included. The plan will pay out only once and then end.
You can also add Critical Illness Cover as an option to a life assurance policy. In this case the company would pay the guaranteed sum of money earlier upon diagnosis of a critical illness if you are eligible to claim, instead of terminal illness or death
Some of the illnesses covered are:-
Alzheimer’s disease before age 65.
Aorta graft surgery.
Benign brain tumour.
Cancer (most malignant types).
Coronary artery by-pass surgery.
Heart valve replacement or repair.
HIV/AIDS cover for medical staff and other specified groups.
Loss of limbs.
Loss of speech.
Major organ transplant.
Motor neurone disease before the age of 65.
Parkinson’s disease before age 65.
Permanent and total disability before age 65 (any occupation or own occupation)
Pre-senile dementia before age 65.
Third degree burns.
The above list is by no means comprehensive, but it can be used to give you a better understanding of what can be covered.