Should I Include a Critical Illness Cover in My Life Assurance Policy?

Are you concerned about being diagnosed of a critical illness within your lifetime? Have you seen the effects of a critical illness, such as cancer or stroke, to your loved ones and want to ensure that you have the best treatment you can afford? Are you concerned about the quality of life and your finances after a bout with a critical illness?

One good answer to providing for the possibility of being diagnosed with a critical illness is to include a Critical Illness Cover to your life assurance policy. You can do this during the application of your policy or anytime during the life of the policy as long as you meet the eligibility requirements.

Basically, critical illness insurance provides you with a lump sum (usually equal to the sum insured of the life assurance policy) in the event that you are diagnosed with a critical illness that is listed in the policy. Also, there is a waiting period in which the Insured has to survive for the lump sum to be payable.

Why Get Critical Illness Cover?

People today are especially vulnerable with regards to some critical illnesses that may be caused by lifestyle or genetics. This can include heart disease, some forms of cancer and liver disease. With today’s advances in medicine, one can survive these but will likely have difficulty in:

  • Having a continuous income (due to one’s inability to work)
  • Having the money to pay for the bills and the mortgage
  • Affording the medical treatments related to the critical illness
  • Affording the adaptive equipment that will improve quality of life after the diagnosis of the critical illness

Critical illness cover offers another level of protection, which is different from life assurance protection. Remember, life assurance will pay out on your death but what if you still live but need the funds for treatment and for daily expenses? This will prevent your family from being financially depleted as a result of your critical illness.

Critical Illnesses Covered

This will vary from policy to policy. However, the Association of British Insurers have come up with a standard list of critical illnesses. It is still best to check if these are indeed included in your own life assurance policy:

  • Some types of cancer
  • Heart attack or stroke
  • Coronary artery bypass surgery or heart valve replacement or repair
  • Kidney or liver failure
  • Major organ transplant
  • Multiple sclerosis
  • Motor neuron disease
  • Parkinson’s disease
  • Loss of speech, sigh or hearing
  • Aorta graft surgery
  • Benign brain tumor
  • Paralysis

To protect your loved ones for less, fill the form on the right to get your life insurance quote.