Hopefully, critical illness coverage, or catastrophic illness insurance, is something that you will never have to use. But unfortunately, the costs involved in a significant health emergency, such as cancer, heart attack, or a stroke, are too exorbitant for a regular health plan. As a result, people often include critical illness coverage in their budget to prevent financial strain and possibly ruin.
What Exactly is Critical Illness Cover?
The average life expectancy increases with every generation. For example, in 1950, life expectancy for men was 66 years and 71 for women. By 2007, that had grown to almost 80 years for men and 84 for women. Part of the increase is also due to the medical field advancing. A heart attack, for example, that was guaranteed to be fatal fifty years ago, is now an event that most patients survive.
But that does mean that costs have increased and can leave patients with large medical bills. Critical illness insurance covers specific conditions or injuries listed in the policy.
Although life insurance, health insurance, and critical illness coverage are all sold together, they are all very different.
- Life insurance is when a sum is paid out on the insured person’s death.
- Health insurance is paid out for most (not all) medical and surgical expenses and preventative care costs to the insured person, usually at specific places.
- Critical Illness insurance provides additional coverage that is specified in the policy.
- Gap cover provides extra protection for those with medical aid. It covers the deficit between the medical aid scheme and the actual rates charged.
All policies usually have terms and conditions, and might require information about your family history and even a general medical exam. Each one covers different ailments, and it is best to chat about this with your insurer to understand all the additional items it covers and what it doesn’t.
Can Choice Mortgage Provide Critical Illness Advice?
Yes, we do. We provide advice and are happy to give you a consultation to answer any questions that you might have about the policies or any concerns you have.
If you are interested in getting Critical Illness Insurance or would like to chat about the policy in general, give us a call at 01780 480 600 or drop us a message on our website.