Critical Illness Policies
- CIC policies are different from
private medical insurance plans, (which pay for the treatment in the event of
critical illness). CIC helps you cover the indirect costs of suffering a
serious illness like life-threatening cancer, stroke, heart attack or major
organ transplant with money you can use for anything you need. CIC provides
money when you need it most, upon diagnosis.
It can free you from worrying
about finances, letting you focus on getting well. CIC policies cover an
individual for life or for a set period against a number of serious illnesses,
diseases and medical conditions. It pays out a single tax-free lump sum on the
diagnosis of one of the illnesses specified in the policy details. Diagnosis
alone of one of the specified illnesses is sufficient to trigger payment.
There is no requirement for loss
of earnings or even for special medical treatment. The 'sum assured' is payable on the conclusive diagnosis of a
critical illness, such as cancer, a heart attack, stroke or multiple
sclerosis. Details of conditions covered in most policies are listed below,
(but please use these as a guide only).
Medical advances
have resulted in higher survival rates for longer periods, upon diagnosis of a
very serious disease. A lump cash sum helps to relieve financial worries and
stress while you are undertake medical treatment.
You should decide which
medical conditions you would like insured or covered before the policy starts
- also how much cover you need in monetary terms. You should
include a start date also.
Policies are likely to be
expensive when you compare it to traditional life assurance as statistically
people are more likely to have some form of critical illness than die before
you retire. Mortgage owners usually tend to cover themselves for
the remaining life of the mortgage term.
