Critical illness insurance provides the policyholder with a financial payment in the event that they are diagnosed as suffering from a condition that will have significant and disruptive effects on their life. It can be part of a combined ‘critical and life cover’ policy, or be purchased as a standalone policy.
The main advantage of critical illness cover is the security and stability it can offer to someone if they are struck down with a serious illness. This time of great personal struggle can leave a person unable to work or even to participate fully in the community.
Combining the two types of cover into one critical and life cover policy also has a number of potential advantages. The amount and extent of cover can be chosen by the consumer, as can whether this cover is for a limited time period and remains static, or changes over that period.