What is Critical Illness Insurance and What Does it Cover?


Critical illness insurance is a form of coverage that pays out a tax-free amount of money to you if you are diagnosed with a serious disease or critical illness. The policy documents will list the disease and illnesses that it will cover. If you suffer injuries from an accident/incident that totally and permanently prevent you from attending work, you will usually be covered under your policy.

NOTE: If you have suffered from previous illnesses and diseases, prior to taking out critical illness insurance, then you may not qualify. We have provided a quote form for you to fill out. Once you have filled out the form, someone will contact you, and help you to search for the very best policy from the very best insurer. We cannot guarantee that your premiums will be lower, but we can find you the most comprehensive coverage that is entirely suitable for your needs whilst maintaining a reasonable monthly premium.

I am married, can I include them on my critical illness insurance policy?

Indeed. Life insurance companies are well aware that people often like to insure more than one individual on their policy. However, single policies are designed to cover only one individual. If you need to file a claim then the revenue goes to you, and it is your decision how you spend it. On the other hand, if you have two people to insure you will need to take out a joint policy. The majority of joint critical illness policies are based upon the illness of the first life assured. This basically means that the insurer will pay out if and when the first life becomes ill. After this point, the second life is NOT insured.http://www.brokerservicenetwork.com/understanding-different-types-life-insurance-policies/

One of the better options to look at if there is a partner arrangement is to take out a single policy for each person. Joint policies might cost less, but in the long-run the benefits may outweigh the initial savings. For example, let’s say that you take out a single policy for you and your partner: one of you falls critically ill and the other has his/her own insurance policy. The result: your partner will not have to worry about getting a new critical illness policy; that could result in much higher premiums later on in life.


On the other hand, if you take out a joint policy (first life), your partner may end up with either no cover, or cover that is unaffordable. And finally, let’s take a look at the worst case scenario. What if your partner cannot find an insurance company that will insure them? Note: Life Insurance combined with critical illness insurance may just offer you cheaper rates, and additional coverage! This is something worth discussing with the broker we refer you to.

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