What is Critical Illness Cover?
Critical illness insurance may be taken out as a standalone policy or you may choose to have it added onto your term life insurance policy or indeed any other form of life insurance you choose. While life insurance pays out if you die, critical cover for illness pays out if you are diagnosed with any of the critical illnesses defined in the terms and conditions of the policy.
There are many different levels of cover with some policies providing protection against more illnesses than others do. Therefore, check to find out what illnesses and diseases any policy you are considering covers before rushing into taking it out.
Generally, a policy may cover such as heart attack, stroke, major organ transplant, loss of a limb and some types of cancers. However, there may be some limitations so these have to be checked in the small print before taking out the insurance. For instance, the insurance may not cover certain types of cancer. Generally, there has to be strong evidence of a heart attack before the policy pays out and there may be many other exclusions and limitations.
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