Critical Illness Cover, also known as CIC or Serious Illness Cover, is an insurance policy designed to provide financial protection by offering a lump sum payment if you are diagnosed with a specified critical/serious illness outlined in the policy. These illnesses typically include conditions such as certain cancers, heart attack, stroke, and organ failure, among others.
In addition to covering critical illnesses, some CIC policies also provide a payout in the event of your untimely death.
This policy holds immense value during a challenging time following a diagnosis. It offers you or your partner the ability to take time off work to attend medical appointments, undergo treatment, and focus on recovery, without the burden of worrying about financial obligations.
Depending on your budget, there are generally two levels of cover available. Standard cover provides coverage for a set list of conditions, while the enhanced option offers a more comprehensive range of covered conditions, such as early-stage cancers or type 1 diabetes. The specific conditions covered may vary among insurers, making it important to seek advice from a specialist who can guide you in selecting the right policy or insurer based on your individual needs.
Children’s cover is often included as a standard feature by some insurers, while others offer it as an optional add-on for an additional monthly fee. This additional coverage provides a payout if your child is diagnosed with one of the specified illnesses. It allows you the flexibility to take time off work to care for your child or access specialised treatments, providing financial support during a challenging period for your family.
When considering Critical Illness Cover, it is essential to review the terms and options available to ensure they align with your specific circumstances. Consulting with a specialist will help you navigate the options and choose the most suitable policy that provides the necessary coverage and peace of mind for you and your loved ones.