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Critical Illness Cover

What is critical illness cover?

Life insurance with critical illness cover works just like a normal policy in that it will pay out to your beneficiaries if you die during the term.

However, in addition, the critical illness element will also pay out a cash lump sum if you are diagnosed with a condition covered by your policy.

Critical illness protection expires after a pay out is issued, or when the policy term ends and there is no cash-in value.

A key benefit of critical illness cover is you can spend the pay out as you wish, at a time when you may really need access to significant funds.

It is possible to take out critical illness cover both as part of a life insurance policy or as a standalone policy.

Critical illness cover

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Critical illness cover only

When critical illness is included as part of your life insurance, you pay one premium. This monthly premium is generally much cheaper than paying for 2 separate policies.

However, it will only pay out once, either when you suffer a covered illness or when you pass away, (not both).

In contrast, a standalone critical illness policy does not pay out when you die, just if you are diagnosed with an illness detailed in the policy, during the term.

If you have individual life and critical illness cover, you/your beneficiaries could benefit from 2 pay outs. However, you would need to pay 2 monthly premiums.

Critical illness cover in summary:



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