Answered by Tom Conner
What does Critical Illness Insurance cover?
Critical illness insurance covers between 35 and 55 different conditions. These conditions are determined by the insurer so they do vary depending on the provider and you would have to check the documentation to see exactly what they cover.
The critical illness insurance can cover a medical condition resulting from an accident. Conditions such as total blindness, deafness, coma, traumatic head injury and third degree burns are usually covered and could result from an accident.
The insurance does not cover less severe medical conditions. However there is an insurance known as Serious Illness Insurance which covers a wider range of conditions. This insurance pays out a percentage of the amount assured depending on the severity of the condition whereas critical illness insurance pays out 100% following a successful claim.
Another option might be Income Protection
Income protection insurance pays out if you are unable to work as a result of an accident. The payout is a monthly tax free benefit which is paid until you are well enough to return to work or until the end of the policy life (which ever is soonest). The policy can be set up as a long term plan which could potentially pay out until retirement age if you had an accident and were unable to work again.
Frequently Asked Income Protection Insurance Questions
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