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Critical Illness Insurance: What It Does And Doesn’t Cover

Critical illness insurance is something everyone has probably heard of, but what does it cover, and how do you make sure you have the right policy? Almost half of Australians are wary when it comes to their insurance policy or don’t have any at all, but is that the right way to go? Today, we want to talk about what we consider to be one of the most essential insurance policies that every Australian should take out: critical illness insurance.

What does critical illness insurance cover?

Most people think that it will only cover end-of-life care, but, in fact, critical illness insurance will have your back for a multitude of things, whether life-threatening or not. If it comes in an insurance bundle, as it often does, it is essential to read through what the policy includes, as it may not be the best plan for you.

To get the most out of your critical illness insurance policy, it may be a good idea to purchase it separately or at least know what you are asking for. The range of conditions this insurance can cover is vast, and paying a little more can go a long way. Here is a list of the sort of things you should expect your critical illness insurance to cover.

  • Heart Attacks
  • Strokes
  • Deafness
  • Blindness
  • Cancer
  • Liver or Kidney failure
  • Organ Transplants
  • Multiple Sclerosis
  • Loss of Limb(s)
  • Coronary Artery Bypass Surgery
  • Aortic Surgery
  • Parkinson’s disease
  • Alzheimer’s disease

Of course, a good critical illness insurance policy can cover much more as long as the condition is severe. Before purchasing any insurance policy, you should be clear on what exactly your coverage includes.

How does critical illness insurance payout?

Insurance policies across the world will have different ways of paying out, but in Australia, you will usually be paid in one lump sum. Not only that but unlike other forms of health insurance, you are free to spend the money on whatever you want. This enables a tremendous sense of financial security and complete flexibility in the most trying of times. Furthermore, if a person is awaiting a payout from another insurance policy, such as TPD or life insurance, the payout can bridge any financial gap that occurs while waiting.

To round it off

In brief, there aren’t many things that can support you quite as much as critical illness insurance. It is never a nice thought, but if you ever get caught off guard, you can rest assured with the right insurance policy. Suppose insurance is something that you have never considered or perhaps something you have assumed you can’t afford. In that case, plenty of affordable options are on the market, so we urge you to invest your money in having constant peace of mind. It can feel like an unnecessary monthly expense, but the truth is that if you ever need to claim insurance, purchasing it will feel like the best decision you have ever made.   

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