Critical Illness Cover – for When a Dread Disease Threatens to Break You Down
April 30, 2018
There are so many illnesses circulating these days. And some of them can strike absolute fear in your heart because of the pain, suffering and loss they cause. Here we will have a look at critical disease cover.
Unfortunately, poor diets, stress and environmental toxins are ensuring that it is no longer older people that contract cancer, heart disease and stroke .Young people and even children are victims too.
There was a time when buying home-, car- and life insurance was enough. Then medical aid was added in, hospital plans, travel insurance, retirement cover and now critical illness cover too. Most of us don’t have enough salary to pay for all the insurance we’d like. It will pay to look at your financial situation to see what levels of life-, disability-, health-, income protection cover- and critical disease cover you need.
Cover for Your Medical Aid’s Shortcomings
Many people, on being diagnosed with a critical illness, will deplete their retirement savings to pay for treatment. With separate critical illness cover, this won’t be necessary. The purpose of critical illness cover is to cover medical expenses that your medical aid scheme won’t cover.
Unfortunately, medical aid these days just isn’t enough to cover all the expenses associated with a critical illness. Treatment for these dread diseases is becoming so expensive. It is all but out of reach, and many medical aids won’t necessarily cover the full cost of the treatment.
Treatment could, for instance, include something like fixing your home up to cater for your illness or even weeks or months of rehabilitation.
Critical illness pays a lump sum of money when a policyholder hears that they have one of the dread diseases listed in the policy and they aren’t able to continue working anymore. This kind of cover makes sure that the policyholder is able to afford medical treatment as well as having help with assistive devices.
Check out Exclusions
Critical illness also has other names such as serious illness cover or trauma cover. The policy will tell you which illnesses have coverage. Nearly all policies cover cancer, heart attack and stroke. With pre-existing medical conditions, some policies will pay out, others not. And those that do might list certain exclusions, and then the insurer won’t pay out. When your policy does pay out, you can spend the money as you wish.
Do Research and find Critical disease Cover that Suits You
South Africa has lots of excellent insurance providers such as Liberty, Momentum, Metropolitan and Hollard among others. With Hollard for instance, you’ll be paid out a tax-free amount, it covers 57 serious illnesses and it also includes a bonus benefit.
Hollard also offers other added benefits, but what do the other insurers offer in comparison to Hollard, and what do you get with the premium you pay? There is a lot to consider before taking out such important insurance coverage.
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All info was correct at time of publishing