Critical Illness Protection
Many find Critical Illness and Permanent Disability Protection appealing, because in the event of a claim, they are still alive and they get the money. In the case of a single person, when purchased along side “Income Protection Cover”, it’s the ideal solution.
What about the living standards of dependants if the main income provider doesn't die!
If a condition causing full incapacity were suffered, then purely from a financial standpoint, it would be worse for the dependants than if the the insured had died. Strong stuff yes!
Consider. In the event of a person dying prematurly existing life insurance and pension benefits would pay out to the family. However in this case the person remains alive, yet unable to earn money, they need care and attention which may require the purchase of specialised equipment. Critical Illness Protection pays a tax-free lump sum following the diagnosis of one or more predetermined medical conditions. This type of cover can be a stand-alone benefit or included with life cover protection at the application stage.
Cover is available on a term cover basis (a set number of years) or a whole of life basis.
Typical conditions covered
- Bacterial Menengitis
- Benige Brain Tumour
- Blindness
- Coma
- Coronary Artery ByPass surgery
- Creutzfeldt- Jakob Disease
- Deafness
- Heart Valve Replacement Repair
- Kidney Failure
- Loss of Limbs
- Loss of Speech
- Major Organ Transplant
- Multiple Sclerosis
- Open Heart Surgery
- Paralysis/Paraplegia
- Parkinson’s Disease
- Aorta Graft Surgery
- Cancer
- Stroke
- Heart Attack
There are many versions of this type of protection policy available, some with less and some with more conditions covered by the policy. There are often exclusions regarding certain conditions.
Professional advice should be taken in order to ensure that the required cover levels are in place.
If you require advice regarding suitable Critical Illness cover for youself or a family member please contact us