Critical Illness fills the gap between life insurance, income protection and total and permanent disability insurance. The major benefit of a Critical Illness insurance policy is that the Insurance Company will pay out a lump sum once a medical condition or disease has been diagnosed. These medical conditions & diseases are defined to ensure they are only covering you for conditions that will affect your well being and generally your financial position. Critical Illness/Trauma Insurance is suitable for all people of all ages not just married couples with children. This type of cover is extremely important for people who are in a high risk age category or have debt that needs to be serviced ongoing.
Again, as with the other types of Risk Insurance it’s important to carefully read the definitions of various Life Insurance companies as they may vary.
The lump sum proceeds from your insurance policy can help pay for a number of things, including:
Critical Illness is designed to pay you a lump sum in the event that you are diagnosed with a medical condition or disease. The agreed lump sum then allows you to cover your immediate and long term medical requirements as well as assist in covering your ongoing living requirements. Insurance companies have wide and varied definitions on what their Critical/Trauma Insurance will cover so it’s important to read the definitions before making a final decision on what cover and amount best suits your needs.
Typical Critical Illness/Trauma insurance policies cover the following:
For an obligation free assessment of your Critical Illness/Trauma coverage requirements why not contact one of our experienced Financial Advisors on 1800 111 455.