Critical illness cover is an insurance product that pays a certain amount of money if the insured person is diagnosed with critical illness.
- This cover can be chosen as an additional benefit to a life insurance policy or can be bought seperately. In both cases monthly premiums have to be paid in order for the cover to last.
- Critical illness cover becomes more and more important because it is estimated that critical illnesses are 5 times more frequent than death. Most insurance provider allows people to choose from guaranteed and renewable premiums and if they want their critical illness cover to last for a fixed period of time or until death. It is advisable to sign this kind of contract as soon as possible because this way the premiums will be lower.