Critical Illness Insurance (CI)
What’s it for?
CI pays out a lump sum if you’re diagnosed with a critical illness, such as cancer, a stroke, MS, a major organ transplant, coronary artery bypass, heart attack and kidney failure. You can use the payout to pay for medical treatment, pay off your mortgage or anything else.
What do you need to know?
You need to read your insurer’s terms carefully, not just for the range of illnesses they cover but also their type. For example, while a heart attack may be covered, a cardiac condition such as angina may not, also not all types and stages of cancer are covered.
For a claim to be successful, you normally have to survive a month following the diagnosis.
