Protection for you and your loved ones
What would life be like if you were diagnosed with a serious illness? Things could change very suddenly. You’d get your family together and tell them what was going on. Before long, you’d start spending time in hospital for treatment. You may also need to take some time off.
It’s hard to know what the financial impact of all this would be for you and the people who depend on you. A critical illness can affect anyone at any age and can turn your life upside down. In the event of being unable to work due to a critical illness, having a financial cushion in place would alleviate some of the stress of the situation.
Financial
impact
Some
people
may use
their
savings
to
supplement
their
loss of
income,
others
may rely
on an
employment
benefit
package,
while
others
may find
that
critical
illness
cover is
their
best
option.
Critical
illness
cover
can help
minimise
the
financial
impact
on you
and your
family
if you
become
critically
ill.
For example, if you needed to give up work to recover, or if you passed away during the length of the policy, the money could be used to help fund the mortgage or rent, everyday bills or even simple things like the weekly food shop, giving you and/or your family some peace of mind when you need it most.
Tax-free
lump
sum
After
surviving
a
specified
critical
illness,
you may
not be
able to
return
to work
straight
away (or
ever),
or may
need
home
modifications
or
private
therapeutic
care. It
is sad
to
contemplate
a
situation
where
you
survive
from a
serious
illness
but then
endure
financial
hardship.
Preparing
for the
worst is
not
something
we want
to think
about
when
feeling
fit and
healthy,
but you
never
know
what
life is
going to
throw at
you
next.
Critical illness cover, either on its own or as part of a life insurance policy, is designed to pay you a tax-free lump sum on the diagnosis of certain specified life-threatening or debilitating (but not necessarily fatal) conditions, such as a heart attack, stroke, certain types/stages of cancer and multiple sclerosis.
Emotional
stress
A
more
comprehensive
policy
will
cover
many
more
serious
conditions,
including
loss of
sight,
permanent
loss of
hearing,
and a
total
and
permanent
disability
that
stops
you from
working.
Some
policies
also
provide
cover
against
the loss
of
limbs.
But not
all
conditions
are
necessarily
covered,
which is
why you
should
always
obtain
professional
financial
advice
to
consider
your
options.
If you are single with no dependants, critical illness cover can be used to pay off your mortgage, which means that you would have fewer bills or a lump sum to use if you became very unwell. And if you are part of a couple, it can provide the much-needed financial support at a time of emotional stress.
Family’s
finances
The
good
news is
that
medical
advances
mean
more
people
than
ever are
surviving
conditions.
Critical
illness
cover
can
provide
cash to
allow
you to
pursue a
less
stressful
lifestyle
while
you
recover
from
your
illness,
or you
can use
it for
any
other
purpose.
What would life be like if you were diagnosed with a serious illness? Things could change very suddenly. Being diagnosed with a critical illness is a life-changing moment. It’ll disrupt your home and work life, and could put a strain on your family’s finances.
SOME TYPES OF CANCER ARE NOT INCLUDED AND YOU NEED TO HAVE PERMANENT SYMPTOMS TO MAKE A CLAIM FOR SOME ILLNESSES.
THIS IS NOT A SAVINGS OR INVESTMENT PRODUCT AND HAS NO CASH VALUE UNLESS A VALID CLAIM IS MADE.
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