Critical Illness Insurance

This insurance will provide a tax-free lump sum payment when the policy holder is diagnosed with a range of specific illnesses. The lump sum is usually used to meet additional costs associated with a long term illness. These could be provision of long term care, alterations to home, specialist medical equipment, mortgage repayment and improve the life of a terminally ill person. The range of illnesses covered will differ across providers but its generally the following:

• Cancer
• Heart attack
• Stroke
• Organ transplant
• Kidney failure
• Multiple Sclerosis

Some policies will also pay out in the event of a total and permanent disability (TPD). So if you were in a car accident and left paralysed and not able to work they would usually pay out. The exact cover will vary from provider to provider, some will only pay out if the disability prevents you from doing any job, whereas some will pay out if it prevents you from doing the job you doing prior to the becoming disabled.

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