SERIOUS OR CRITICALÂ ILLNESS COVER
WHAT IS SERIOUS OR CRITICAL ILLNESS COVER?
Critical Illness Cover provides you with a cash lump sum in the event you are diagnosed with a serious illness. The illnesses that are covered and explained in the policy, are potentially ones that you can recover from. The cover is usually designed around the mortgage you have so we can ensure at such a difficult time you wont have to worry about your biggest debt and you can focus on your recovery.
WHY WOULD I NEED THIS?
We have all heard the stats about 1 in 2 people will now get Cancer. You could only imagine that if you were diagnosed with something so serious the last thing you would want to worry about is maintaining the bills and the mortgage. Surely you want to survive.
This policy could be your sigh of relief that gives you financial breathing space that you may desperately need. This money could be used for so much; You could pay off the mortgage. You may need to take time off work for a long period and this money can give you the comfort of keeping a roof over your and your family's heads.
HOW DOES IT WORK?
Our first look at cover will begin with how much it will cost to cover your full mortgage amount. But variations can be completed in order to make the policy more affordable. We will conduct a health questionnaire to obtain underwriting that will determine your acceptance terms and once you have moved into your property this will become active. If this event was ever to occur then you would call the claims line who would process and issue payment so you can focus on getting better instead of adding financial stress to your life.
FAMILY INCOME BENEFIT (FIB)
A Family Income Benefit (FIB) policy runs for a set term. If you suffer from a critical illness within this period, it pays out a regular tax-free income until the term ends. For wage earners worried about helping their family with day-to-day living costs in the event of a critical illness, family income benefit could be a solution as its designed to replace missing earnings.
As with all insurance policies, conditions and exclusions will apply.