Critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied. The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating.

That’s where the critical illness benefit comes in—you are free to spend the money as you wish—such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.

Similar to life insurance, this policy also had wide choices ranging from Term 10, 20 , Term to 75 or Permanent. We could also add premium refund options. There is a choice of pay to 100 or 15 pay in permanent products offered by many companies. The key here is to have a policy, even if you have taken a Term 10 today, it is upgradable into a permanent product later on. The younger you buy it the better it is since the insurance requires you to be medically very fit at the time of issue. It is hard to get this insurance if you have already got some health issues.