![]() ![]() The most common illnesses included are cancer, heart attack, stroke traumatic head injury, total permanent disablement. If the policyholder is diagnosed with a medical condition listed within the policy document, the insurance company would make a cash lump sum payment to the policyholder, regardless of their life expectancy. unpaid respite time, whilst recovering from ill-healthĬritical Illness Cover is suitable for those concerned they may not be able to meet their financial commitments or maintain a reasonable lifestyle if diagnosed with a critical illness.outstanding financial liabilities, typically a Mortgage.Terminal Illness Insurance only pays the benefit where the life expectancy is less than 12 months at diagnosis whereas Critical Illness Cover would typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy and unlike Terminal Illness Cover where there is no additional charge on premiums, Critical Illness Cover in all cases is offered for an additional premium by the insurance company.Ĭritical illness cover was originally designed to pay for: This form of insurance must not be confused with Critical Illness Cover, which is a fairly common mistake made by a large number of people. Whilst this offers peace of mind to know you can put your finances in order yourself, all it really does is speed up the payout. Where Terminal Illness Insurance is included, the policyholder has the benefit of knowing that if he/she is diagnosed with a serious illness and is expected to die within the next 12 months, then the policy will pay out the life insurance amount immediately upon diagnosis rather than waiting for the policyholder to pass away. It is a form of insurance that is often automatically included in a life insurance or mortgage life insurance policy at no extra charge. ![]() Terminal Illness Insurance just pays the life insurance out early if the policyholder is expected to die within 12 months. Sadly, a large number of people often don’t have the difference explained to them and assume they are covered for Critical Illnesses where as in fact they are only covered for Terminal Illness, which is vastly different. ![]() Are they the same? What is the difference between the two? However, whilst the main element of the policy namely ‘life insurance’ is relatively easy to understand, there still remains confusion over the difference between the additional benefits of Terminal Illness Cover and Critical Illness Cover. Life Insurance – not exactly the most interesting topic at the forefront of everyone’s mind. Terminal Illness Vs Critical Illnesses Insurance ![]()
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