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Critical Illness Cover

Critical Illness Cover (sometimes known as Critical Illness Insurance) can help you take care of your financial commitments should the worst happen.

One may be diagnosed with a critical illness at any stage of life and at a time when least expected and yet when one gets ill and cannot work to earn an income, life continues. The mortgage and monthly bills still need to be paid, in addition one also may be faced with the possibility of additional costs for medical care and treatment.

Critical illness Cover is a long-term insurance policy which covers critical illnesses listed within the policy terms & conditions. If you suffer one of these illnesses, the policy may pay a lump-sum payment which can help pay for your mortgage, debts or any other additional expenses.

According to one major insurer, their clients are more likely to claim under critical illness than life insurance.

Examples of critical illnesses that may be covered include:

  • Stroke
  • Heart attack
  • Certain types and stages of cancer
  • Serious medical conditions such as multiple sclerosis

Most policies will also consider permanent disabilities as a result of injury or illness however it only pays out once and then the policy ends.

Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.

Previous medical conditions may impact whether one is able to buy a critical illness policy at all, get coverage for some conditions and / or the level of cover provided under the policy.

When one is seriously ill the major concern should be about getting well, not about whether the bills will be paid. For extra peace of mind, enlist the guidance of Windom Finance to assist you in finding the most suitable insurance to meet your specific demands and needs.

Critical Illness Cover will pay out if you get one of the specific medical conditions or injuries listed in the policy. But be aware that not all conditions are covered, and the policy will also state how serious the condition must be in order to have a payout.

Critical illness plans 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.

Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document if you go ahead with a plan.