Critical Illness Cover will pay a tax-free lump sum directly to you should you be diagnosed, and survive, a serious medical condition listed on the providers policy schedule.
The types of serious medical conditions that can be included on a critical illness policy are cancer, heart attack, stroke, organ failure, brain disease, respiratory disease, accidents and disability.
If you were to contract a dreadful disease then this would provide monies to pay the mortgage, medical care and the like. The aim is to financially de-stress a stressful personal and health related situation.
Whereas income protection replaces your income as a result of being unable to work due to accident, sickness or disability, this is the payment of a tax free lump sum related to critical illness.
The two complement each other and work in tandem to ensure your financial wellbeing.
Question to ask yourself – “Can I afford not to have this product?“