Critical Illness insurance provides a lump sum should you develop certain types of illness or disability. This payout can help you manage your changed circumstances, giving you peace of mind that you have financial security whilst you come to terms with your present challenges and difficulties. The lump sum payment can be used to pay off such things as debts, mortgages or healthcare. This makes the situation you are faced with that much easier to deal with.
What is the difference between Critical Illness Insurance and Life Insurance?
The main difference between critical illness insurance and life insurance is that you don’t personally benefit from the latter. Life Insurance is a policy that is specifically structured for the purpose of protecting your loved ones in the event of your death. Upon your death, your family and dependents will be given a sum of money to ensure they don’t worry about any financial problems during what is a difficult time.