Critical Illness Insurance
Critical illness insurance provides a benefit to an insured person on the diagnosis of any one of a number of specified illnesses or conditions, irrespective of the financial or other effects of the illness or condition.
Critical illness insurance, also known as trauma insurance, is different in nature to many other types of insurance such as disablement, income protection and health insurance. Disablement, income protection and health insurance, provide a benefit on an insured person's inability to work, loss of earnings and medical expenses respectively. Critical illness insurance insures against cause, whereas disablement, income protection and health insurance (for example) insure against effects.
Critical Illnesses
The illnesses or conditions which are typically covered under comprehensive critical illness insurance policies range from common to infrequent illnesses and conditions. Examples of these are as follows:
- Alzheimer's disease
- Angioplasty
- Aortic surgery
- Aplastic anaemia
- Benign brain tumour
- Cancer
- Cardiomyopathy
- Chronic liver failure
- Chronic lung disease
- Chronic renal failure
- Coma
- Coronary artery bypass surgery
- Creutzfeldt-Jakob disease
- Dementia
- Diplegia
- Encephalitis
- Heart attack
- Heart valve surgery
- Hemiplegia
- Major burns
- Major head trauma
- Major transplant surgery
- Motor neurone disease
- Multiple sclerosis
- Muscular dystrophy
- Paraplegia
- Parkinson's disease
- Peripheral neuropathy
- Permanent blindness
- Permanent loss of limbs
- Permanent loss of speech or hearing
- Pulmonary hypertension
- Quadriplegia
- Stroke
Critical illness insurance policies pay a lump sum benefit on the first diagnosis of one of the specified illnesses or conditions.
Further Information
If you feel that your organisation could benefit from implementing a group critical illness policy, either on a standalone basis or in conjunction with another employee plan, please contact us.
Insurance Services