What is Critical Illness Insurance ?
It's important to note that critical illness insurance is different from health insurance, as it does not cover routine medical expenses or hospitalisation costs. It is specifically designed to provide financial support upon diagnosis of a covered critical illness.
How Critical Illness Insurance works
Purchase a policy
When purchasing a critical illness policy, you select the coverage amount (the lump-sum payment you'll receive upon diagnosis) and pay regular premiums to the insurance company. The policy will list the specific critical illnesses covered, which commonly include conditions such as cancer, heart attack, stroke, and organ transplants, among others.
Claim approval and payout
Once the insurance company approves your claim, they will pay out the lump-sum benefit amount specified in the policy. This payment is generally tax-free and can be used at your discretion to cover medical expenses, replace lost income, pay off debts, or support your family during your recovery period.
Benefits of Critical Illness Insurance
Disability Cover offers you a chance to protect yourself and your income from the chance of becoming permanently ill or disabled.
Estate Planning means that after the time of your death, the transfer costs of your wealth and assets will be neatly covered by our cover.