What is Critical Illness Insurance?


Disclaimer: This article is intended for information purposes, with the sole objective of providing food for thought. Under no circumstances should it be construed as advice regarding insurance solutions. Only a duly certified insurance professional is qualified to analyze your personal situation, discuss your needs with you and advise you on insurance solutions.

Critical Illness and Life Insurance are complementary

Critical illness insurance pays for the cost of treating life-altering illnesses, whereas life insurance only comes into play when the insured person passes away. The goal of life insurance is to cover funeral costs and leave money to those left behind. That’s far different from critical illness, whose major purpose is to help you get back on your feet quickly, or at the very least provide you the best medical care. 

What illnesses are covered?

Most of the major illnesses are covered by a standard critical illness insurance policy: cancer, brain tumours, strokes, heart attacks, bacterial meningitis, Alzheimer’s, multiple sclerosis and Parkinson’s… It also includes occupational HIV infection, certain cardiac and brain procedures and paralysis. Each insurer covers different illnesses, so always read the fine print before you consider buying this insurance.

How does it work?

Many policies will give you access to their preferred network of specialists, saving you time and often money accessing some of the world’s best physicians. If you have a pre-existing condition, you might not be able to get coverage for that illness. Insurers will offer a variety of payment and duration options. Some will be renewable every ten years, offering you a cost advantage when you’re younger, and some will only require you pay for a set number of years. Your payment guarantees that the policy is in force.

The extras

You can add on extra features, such as the return of premium on death, the ability to convert the policy into long-term care coverage or a disability waiver. These might be great options for you in terms of cost, just check with an insurance specialist before making any decisions. 

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