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Why do you need Critical Illness Cover?
Did you know that diabetes, heart disease and strokes are among the top ten leading health risks globally? According to World Health Organization, these diseases, along with lower respiratory infections and lung cancer, claimed the most lives in the last 15 years.
While the risk can depend on lifestyle and genetic factors, anyone can develop these conditions. Thanks to medically advanced equipment and medicine it’s easier to treat diseases with survival rates increasing. However, these conditions are expensive to treat, and even if you have Medical Aid, you may not be adequately covered. Furthermore, patients who are diagnosed often find themselves unable to work on a regular and sustained basis, which could mean loss of income.
This is where Critical Illness Cover can be helpful. Also known as Severe Illness or Dread Disease Cover, this policy provides financial protection against specific illnesses defined in the plan. Whether you’re suddenly diagnosed with Alzheimer’s, suffer a heart attack or develop pneumonia, Critical Illness Cover can be used to pay for private medical care. It can also supplement the amount your Medical Aid contributes, or even be used to pay your household bills while you undergo treatment or recover.
The monthly premiums for Critical Illness Insurance is calculated according to your age and medical history. Depending on the severity of the disease, the lump sum paid to you when you claim can either be a percentage of the insured amount or the full amount.