Providing for your Family When You Can’t
How it Works
Serious Illness Cover is also called Specified Illness, Critical Illness or Living Insurance – and pays out a cash lump sum should you become permanently disabled in some way. There are two types of policies: you can be covered against no longer being able to work in your USUAL occupation OR against no longer working in ANY occupation. There is normally a waiting period, which means you can claim after your have been unable to work for 6 or 12 months, depending on the policy you choose.
We’re here to help you choose the protection that is right for you. Our qualified advisors will match your needs with the right policy, at a cost you can afford.
- Comprehensive cover – Serious Illness cover protects you against a wide range of illnesses.
- Tax-free contributions – while your contributions to Serious Illness Cover are not tax deductible (unlike Permanent Health Insurance) –the lump sum payment you would receive is tax-free.
- Choose how you use – your policy can cover more than one person if you wish.
- Increase over time – you can up the level of cover provided, each year, to keep pace with inflation.
- Built-in flexibility – Serious Illness Cover can be combined with different types of protection – such as Term Assurance Cover – and offered on an ‘accelerated basis’. This means the Term Assurance portion of the policy is reduced by the amount of Serious Illness cover – and premiums are lower.
Quick Q and AQ. What kind of Serious Illnesses are covered? A.This type of cover provides financial protection against many Serious Illnesses – including heart attack, Alzheimer’s disease and Stroke. The illness needs to have been been diagnosed and supported by the relevant report from an approved medical practitioner. Some policies will differentiate between Serious Illnesses and Less-Serious Illnesses – and may pay a smaller lump sum for the less serious conditions.
Q. Are there any exclusions to cover? A. There can be several exclusions to cover, including alcoholism, drugs, self-harm or dangerous activities.
Q. What if I currently have a Serious Illness or condition? A. You will need to give details of any pre-existing medical conditions you might have at the time you take out the policy.