Life and Critical Illness Insurance
July 24, 2017
What are life and critical illness insurance?
- Critical illness pays a tax-free lump sum
- Protect your family’s financial future
- Insure against numerous critical illnesses
- Ensure while still young and healthy
- Do not wait until it’s too late
A combination of Life and Critical Illness insurance is a MUST HAVE policy for all families.
It covers the policyholder for numerous life-threatening illnesses, as well as another lump sum payout in the event of death.
Critical illness payouts
Becoming critically ill is a life-changing event for the entire family.
Apart from the stress created by the event, being seriously ill is extremely costly.
Without insurance cover, families face an uncertain financial future while the person suffering from a life-threatening illness cannot afford the best medical care.
Having critical illness insurance solves all those problems.
A tax-free cash payout will cover the cost – from paying for additional medical treatment to hiring a nurse to take care of the patient.
Depending on the policy selected, insurance can also cover cancer treatments.
Better late than never
Although it is highly advisable to obtain Life and Critical Illness cover while still young and healthy, buying an insurance policy is better late than never.
Most insurance companies do not cover pre-existing medical conditions.
The younger and healthier the applicant, the cheaper the premium imposed for Life and Critical Health insurance.
However, many people are only in a financial position to afford insurance at a later stage in their lives.
They will be able to obtain cover, but the cost will escalate and the benefits decrease.
Benefits of critical illness cover
Depending on the policy selected, Critical Illness insurance covers:
- A tax-free lump sum that can be used for medical costs
- It can cover up to 57 medical conditions, including cancer, heart attacks and strokes
- Dependents can be added to the policy and will receive the same benefits
- Policyholders are also offered a bonus benefit for hospitalisation costs incurred in accidents or illnesses not specified in the policy
No breadwinner should overlook the importance of protecting his/her family against an insecure financial future.
Life Insurance takes care of that concern by paying out a lump sum of cash to the beneficiaries in the event of the death of the policyholder.
So the cash payout varies, depending on the insurance selected and the amount the applicant can afford.
Various factors are taken into consideration by insurance companies when deciding on the premiums payable for Life and Critical Illness insurance.
- The age of the applicant
- Their gender
- Their current-day health status
- Also, their marital status
- Where they live
- What they do for a living
It safeguards families from a future of financial insecurity.
It offers breadwinners peace of mind knowing that they have taken care of their loved ones.
Critical illness insurance covers the cost of unforeseen future life-threatening illnesses.
So they are experts in their field and will give unbiased advice to best suit personal needs and lifestyles.
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All info was correct at time of publishing