Critical Illness Cover

Critical Illness cover is a form of life insurance that will pay out a lump sum if you’re diagnosed with cancer, have a stroke or suffer a heart attack. But did you know that critical illness insurance can provide cover for much more than these three conditions?

What Is Critical Illness Cover?

Insurance providers are changing their definitions to include more critical illnesses than before. They are also providing partial pay outs for less serious illnesses or traumas such as blindness or deafness, loss of limbs or illnesses requiring surgery.

When diagnosed with a critical illness, leaving work to spend time with family is often considered. The lump sum payment from a critical illness policy can be used to replace income, pay off mortgages and debts and leave you financially secure so that you can focus on the most important thing, recovery.

But this is no longer ‘It’ when it comes to critical illness insurance cover.

There are now options to provide cover for your children under your policy. This means a payment should your child become critically ill, allowing for care expenses, time off work and the costs of long hospital stays, thus greatly reducing the financial burden of a sick child. These policies often include a small sum assured for the death of a child that will cover them through higher education until they are eligible for their own policy.

Life and critical illness insurance companies are also now providing second medical opinion services and sometimes even global treatment to ensure you are being treated correctly and by the best doctors in that particular field. They are also giving access to specialist treatment nurses to provide in-home care for you and your family.

This means you can solely focus on getting better, knowing your expenses are covered.

FOCUS can guide you through you needs, and recommend a life insurance and critical illness cover policy that suits your lifestyle to ensure that, no matter what happens, you and your family’s financial needs are taken care of.

Critical Illness Cover questions

Critical illness cover provides a tax free cash lump sum pay out if you are diagnosed with a serious, life-changing illness.

The facts about critical illness insurance:

  • Tax free lump sum payment upon diagnosis of a critical illness.
  • Options to add ‘Total Permanent Disability’ meaning should you become permanently disabled through an accident or illness not named in the policy wording, the policy will still pay in full.
  • Options to add ‘Terminal Illness Benefit’ – when combined with a life policy, a terminal diagnosis of 12 months or less will result in a full pay out.
  • Options to be able to include children on the policy from birth to age 21 (dependent on higher education attendance).
  • Hospitalisation payments to help offset the costs of long hospital stays such as parking, meals away from home and hotel stays.
  • 24/7 Access for you and your immediate family to telephone and video chat consultations with GPs that can provide prescriptions.
  • Specialist nurses to provide in-home care, bereavement counselling and support to your family.

A life insurance plan will have no cash in value at any time and will cease at the end of the term.
If premiums are not maintained, then cover will lapse. The policy may not cover all the definitions of a critical illness.
For definitions please refer to the key features and policy document.