Critical illness insurance, unlike life insurance, is relatively a recent development. The availability of this type of insurance product came about due to the rising needs for protection when the insured suffered a serious illness. The policy claim is paid to the insured and the proceeds are often used for seeking treatment and/or maintaining a comfortable lifestyle.
Almost everyone has a family member, a relative, a friend or a co-worker, who has suffered from a major, possibly fatal illness. It is a sad truth and an unavoidable series of events in people lives. The reality is, when these life-threatening events do occur, it’s good to know that you have put the protection in place for yourself and your family.
Coverage available in Term 10, 20 and Age 65, 75 and 100.
Many policies offer option on the policies that have a level premium to age 65, 70 or 75. For an extra premium, if you do not have a claim, you will get all your premiums back at the policy ending age 65, 70 or 75, depending on the insurance company and policy purchased.
Most of the Critical Illness Plans cover the following:
Aortic Surgery, Loss of Independent Existence, Aplastic Anemia, Loss of Limbs, Bacterial Meningitis, Loss of Speech, Benign Brain Tumour, Major Organ Failure on Waiting List, Blindness, Major Organ Transplant, Cancer (Life-Threatening), Motor Neuron Disease, Coma, Multiple Sclerosis, Coronary Artery Bypass Surgery, Occupational HIV Infection, Deafness, Paralysis, Dementia, including Alzheimer’s Disease, Parkinson’s, Heart attack, Heart Valve Replacement or Repair, Severe Burns, Kidney failure, and Stroke.