Illness cover is a form of insurance that protects the policyholder against loss of income if they fall ill.
Illness cover is a form of insurance that protects the policyholder against loss of income if they fall ill. The policy can be claimed if, due to an illness or injury, you are unable to work, or if you are working but are only able to take on a lesser role. To make a claim under this type of policy, you need to provide the correct documentation that shows your salary before and after your illness. You will then receive a payment for the difference in pay, up to your agreed amount.
It can be purchased as a standalone plan or combined with life cover and/or an endowment investment plan.
Illness cover can be purchased as a standalone plan or combined with life cover and/or an endowment investment plan.
If you take out illness cover as a standalone policy, you would receive a lump sum if you were diagnosed with one of the specified illnesses covered under your plan. You can use this lump sum to help ease the financial burden of taking time off work, paying for private medical expenses or making lifestyle changes.
The main difference between illness cover and health insurance is that you don’t need to be hospitalised in order to claim – your doctor just needs to state that you have one of the critical illness conditions specified in the policy.
Illness cover is primarily an income protection product that pays out if you are unable to work due to illness or injury. The main difference between illness cover and health insurance is that you don’t need to be hospitalised in order to claim – your doctor just needs to state that you have one of the critical illness conditions specified in the policy.
Illness cover can be purchased as a standalone plan or combined with life cover and/or an endowment investment plan. In this way, it can function similar to disability income insurance but without some of the requirements and limitations associated with disability income claims (such as time limits, rehabilitation requirements, etc.).
If you do not have a large savings buffer, simply being unable to work for a few months would likely lead to significant financial difficulties.
- You really, really need to go to the doctor.
- The problem is that your savings account is just shy of half empty.
- How are you going to pay for medical treatment?
- Don’t worry. If you have illness cover, all will be well.
Illness cover is one way for you protect yourself against unexpected loss of income due to illness or injury.
A serious illness, injury or accident can have a major impact on your life and finances. Illness cover is one way for you to protect yourself against the unexpected loss of income due to illness or injury.
If you rely on your salary to pay your bills and other commitments, it can be difficult when a serious illness, injury or accident means you are unable to work. Illness cover is one way for you to protect yourself against the unexpected loss of income due to illness or injury. It provides a lump sum payment if you are diagnosed with an insured serious illness, such as cancer, heart attack or stroke, and cannot work as a result.
It’s hard enough dealing with being ill without having the added stress of financial pressure. Illness cover can help give you peace of mind by helping you continue paying essential household expenses like rent/mortgage payments and utilities while recovering from an insured condition. While in many cases ACC will provide some basic cover if an accident causes the condition that stops someone working, it often doesn’t cover illnesses.