Critical Illness Cover

What is Critical Illness Cover?

It’s an insurance policy that helps protect your income if you’re diagnosed with a critical illness. During times when you're unable to work, tax-free cash can offer one less worry and maybe even a better night’s sleep.

While no one can foresee their future health, you can take financial precautions. It's like having a fire extinguisher in your house. You may never have to use it, but you’ll be glad it’s there if you need it. Consider the expenses you would face if critically ill and unable to work. From feeding your family to managing your bills, making ends meet without your normal income can be the toughest nut to crack. That’s why critical illness cover comes in handy.

Level cover.

With level cover, you choose the coverage amount and the duration for which you want the cover. The coverage amount and the monthly premium remain constant until your policy ends.

Level cover could be a good option if you're looking to help maintain a loved one's living standards, and the lump sum can assist in covering expenses such as:

• Your salary
• Any additional health and living costs
• Rent payments
• Continuing mortgage payments
• Children’s school fees or other childcare costs

Decreasing cover.

This could be a great option to help pay off a mortgage, debt, or other loans if you're diagnosed with one of the defined illnesses while the policy is active. Just like level cover, it has an expiry date, and your monthly payments are set in stone unless you change your policy.

In general, decreasing cover is lighter on your wallet than level cover, as it's only intended to pay off loans and debts you’re chipping away at. The payout amount won't need to be as high if you claim, as you'll owe less money over time.