Critical illness cover

What Critical illnesses are typically covered?

The scope of coverage can vary between policies and providers, but common critical illnesses often include:

• Stroke 
• Heart attack 
• Certain types and stages of cancer 
• Multiple sclerosis 
• Major organ transplant 
• Parkinson’s disease 
• Alzheimer’s disease 
• Blindness
• Deafness
• Traumatic head injury 
  And many more…

Some policies may also cover permanent disabilities resulting from illness or injury and may provide smaller payments for less severe conditions or if a child is diagnosed with a specified condition. 

Policy features and considerations

Critical illness insurance can be purchased as a standalone policy or combined with life insurance. The policy typically pays out once, either upon diagnosis of a critical illness or upon death, whichever occurs first. 

While many focus on Life Protection, the reality is you’re statistically more likely to be diagnosed with a critical illness before 65 than to die. Ideally, comprehensive protection includes both. 

Exclusions and limitations 

It’s crucial to understand that not all conditions are covered. Common exclusions may include: 

• Non-invasive cancers 
• Hypertension 
• Minor injuries like broken bones 

Policies will detail how severe a condition must be to qualify for a pay-out, and the definitions of covered conditions must match exactly with the policy’s terms.

Financial and health considerations 

Several factors influence the cost of premiums: 

• Age: Older individuals may face higher premiums. 
• Smoking Status: Smokers often pay more. 
• Health History: Current health, Medical history, weight, and family medical history. 
• Occupation: High-risk jobs may increase premiums. 
• Level of Cover: The extent of coverage desired. 

If you have pre-existing health conditions, certain illnesses might be excluded from a new policy or could result in higher premiums or may be declined.

Choosing the right policy

Navigating the complexities of critical illness insurance can be daunting. Consulting with an independent protection adviser can help you compare different policies, understand the fine print, and ensure you choose the coverage that best suits your needs. 

The importance of being prepared 

While no one wants to think about the possibility of a severe illness, being prepared can alleviate some of the financial stress during recovery. Critical illness insurance offers the flexibility to pursue a less stressful lifestyle or use the funds as needed. Remember, taking a proactive approach today can safeguard your future well-being.