Critical Illness Benefit

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Definition and description of critical illness benefit

The Critical Illness Benefit pays a percentage of the benefit amount as a lump sum if the insured life meets the requirements of one of the defined critical illnesses.

Critical Illness Benefit also known as:

Critical Illness Benefit is known by different names at different product providers. Some of the names at more well known product providers in South Africa is: Critical Illness Critical Illness Benefit Severe Illness Benefit Living Lifestyle Dread Disease Benefit Trauma Benefit Not one of the definitions for products at different providers are the same! Use Plandirect's offer to find you the Critical Illness Benefit that is best aligned to your expectations of benefits definitions and price.

The application of Critical Illness Benefit is for:

Expenses incurred as a result of critical illness: Provides funds that may be used to settle any expenses incurred as a result of the critical illness. Financial security: Provides funds that may be used to ensure that the current standard of living of the insured life can be maintained upon the diagnosis of a life- altering event. Financial support for recovery: Provides funds that may be used to help survivors of life- altering illnesses to meet the expenses associated with recovery or rehabilitation. Reduction of income: The insured life may be advised to scale down his work duties or change his occupation. The benefit provides funds to supplement the income of the insured life, should he lose any income as a result of this change.

How much critical illness benefit do you need?

There is no exact answer on the question of how much critical illness benefit you need! This is something you must decide about yourself. A starting point could be to look at your gene pool. Is there a critical sickness event that occurs on a regular basis in your family? What is your lifestyle? Statistics at one of our major suppliers and well respected product provider in South Africa is that about 80% of all critical Illness claim events are for one of four sickness events, namely, Cancer, Myocardial infarction, Stroke or Coronary artery bypass graft. If one of these events are common in your family you could be more motivated to consider critical illness and you will know how a critical illness event could financially ruin you!.                                     
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