So what exactly is Critical Illness cover ?
In the simplest of terms it is a payment to an insured individual when they are found to be suffering from an illness covered by the insurance policy or when they pass away from an illness covered by the policy. When the policy was first introduced it covered four main illnesses, which were heart attack, stroke, cancer and coronary artery bypass surgery. Today the policies that are available in the health insurance market encompass far more.
Just some of the illnesses that are covered today include :
- • Deafness
- • Blindness
- • Kidney failure
- • HIV
- • Paralysis
- • Terminal illness
Typically a lump sum cash payment is made under the policy however the payments can also be structured to pay out a regular income. There are conditions that come with critical illness cover policies and you should be sure to understand the policy fully on accepting it.