Critical Illness insurance will pay you a tax free lump
sum on diagnosis of any one of a wide range of specified
illnesses including certain types of cancer, heart attack,
stroke, brain tumour and many more.
Critical Illness policies vary greatly in the cover they
offer. A basic plan covers the most serious conditions,
while a comprehensive plan covers many more including
hearing loss and total permanent disability.
Diagnosis would be a major trauma for you to cope
with, but all of your financial commitments would
still need to be met. How long would you need to
be off work? Will your employer pay you while you
are off? If so, for how long? What if you are unable
to return to work?
Remember, any life insurance you may have won’t pay out
unless you die or are diagnosed with an illness which
will be terminal within 12 months. |