Critical Illness
In today’s world, we are Five times more likely to suffer a critical illness than to die before retirement.
Almost everyone knows of someone who has suffered a heart attack, heart bypass, cancer or stroke.
Due to medical advances, many people now survive previously life-threatening diseases. Although this is great news, will you still be able to pay the bills? Will you still be able to work and generate income?
Critical Illness cover is designed to offer you a lump sum in case you were diagnosed with a critical illness such as:
Cancer, stroke, heart attack, Coronary Artery bypass surgery, aorta graft surgery, Heart valve replacement or repair, Kidney failure, Parkinson’s disease, Third degree burns, Major organ transplant, Multiple Sclerosis, Paralysis of limbs, Alzheimer’s disease, Aplastic Anaemia, Bacterial meningitis, Blindness, Coma, Creutzfeld-Jacob disease, Deafness, Encephalitis, Liver failure…
2 types of cover are also available for Critical illness:
Term cover and Whole of life cover
Term Cover
A CI Term Cover is designed to offer a cover limited in time. In other words, we would know in advance when the cover will start but especially when it will end.
Usually, the term of a CI cover should coincide with the retirement age when someone would no longer be productive. At retirement, a person usually no longer needs a critical illness cover as he would have stopped earning an income and therefore does not need any income replacement in case of a critical illness condition.
All he would need is a good health insurance to cover the medical fees incurred by a potential critical illness condition.
Whole life Cover
Unlike the CI Term cover, the CI Whole of Life cover offers a CI cover that will never stop in time.
This type of cover is designed for people who are self employed and who want to make sure that whenever a CI strikes them, a lump sum is payable to them, and thus any loss of income due to non-productivity would be compensated regardless of age.