Critical Illness Cover
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What is Critical Illness Cover
When life takes an unexpected turn due to a critical illness, financial worries shouldn’t be adding to your stress. Critical Illness Cover is designed to offer you financial relief during these trying times. With a tax-free lump sum payment, you can focus on recovery and adapting to life post-diagnosis without worrying over expenses like treatment costs, mortgage, or necessary modifications to your home.
Key Features:
Scope of Coverage
From heart attacks and strokes to specific cancers, conditions like multiple sclerosis, Parkinson's disease, and major organ transplants - our policy has an extensive list of covered critical illnesses.
One-Time Payment
Upon diagnosis of a covered condition, you'll receive a one-off, tax-free payout. Once the policy pays out, it concludes.
Child Protection
Some policies offer a lesser payout if one of your children is diagnosed with a specified condition, ensuring the whole family is protected.
Permanent Disabilities
Many of our policies consider permanent disabilities resulting from an injury or illness valid for a payout.
Exclusions to Consider
While policies covers an array of critical conditions, there are exceptions. Non-invasive cancers, hypertension, and specific injuries, among others, might not qualify. It’s crucial to understand the specifics and severity required for a claim.
Our dedicated consultants at Envoy Financial are available to clarify and guide you through the intricacies of coverage.
Factors Influencing Home Insurance Premiums…
Your insurance cost isn’t arbitrary. It’s determined by:
- Your age
- Smoking habits
- Current health, weight, and family medical history
- Occupation risk levels
- The extent of coverage you opt for
Remember: You might face exclusions or higher premiums if you’re prone to a specific condition due to pre-existing health factors.
Reviewable vs. Guaranteed Premiums
Reviewable Premium
Typically reassessed every five years, these premiums are likely to change, usually increasing over time.
Guaranteed Premium
Stay constant throughout the policy term. They might seem costlier initially, but many cherish their predictability and long-term security.