In today’s video Peter O’Grady from JustLifeInsurance.com explains just what is critical illness cover and what it means for your life insurance policy. Peter goes on to demonstrate that by adding critical illness cover to your life insurance policy then the policy would pay out were you to be diagnosed with one of a number of specified conditions such as heart attack, cancer or a stroke, etc.
Typically around 30 conditions are covered by critical illness but this will vary from one insurance company to another.
The payout is not dependant on your life expectancy. So as long as you meet the definitions of the illness, then under normal circumstance you would receive the payout, even if you can still work or lead a relatively normal life.
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