Recovering from a serious illness

The improvements over recent decades in the survival rates for serious illnesses such as heart attack, cancer and stroke are, obviously, welcomed, but if the stricken individual needed time to recover, and was off work, then this creates a different set of problems…

Fortunately, there’s a product – Critical Illness Cover – that can deliver protection for you, should you suffer a serious illness.

critical illness – what it covers

These days, the plans may encompass a far wider number of conditions beyond heart attack, cancer and stroke, such as the loss of a limb, Multiple Sclerosis, Parkinson’s, and Alzheimer’s/ Dementia.

Also, don’t just think that this should only be a concern if you’re much older. The average age of critical illness claimants across insurers is around late 40s to early 50s, with cancer being the main reason for claiming.

how the tax-free lump sum payout from a personally paid critical illness plan helps

dealing with possible life-changing needs:

If you are diagnosed with a serious illness covered by your policy, the payout could help cover medical expenses, ongoing treatment costs, or any adjustments needed in your lifestyle due to the illness.

income replacement:

If the serious illness prevents you from working, the lump sum payment could also act as a financial cushion, helping to replace lost income during the recovery period. This can be crucial in maintaining your standard of living and meeting financial obligations.

peace of mind:

Knowing that you have a payout in place can enable you to focus all your energies on recovery.

the next step

You’d decide the level of cover you require at the outset, and it can be taken as a stand-alone policy, or as a bolt-on to a life insurance plan.

The policies will vary with regard to the illnesses covered, and in some cases, it could also include cover for your children up to age 18-21 (if applicable), within a specified payout limit.

As with all insurance policies, terms, conditions and exclusions will apply.