Another aspect of Protection is Serious Illness Cover, sometimes referred to as Critical Illness Cover.
This is Protection for YOU were you unfortunate enough to contract a Serious Illness such as cancer, heart attack or stroke.
Presently, due to advances in medical science, people are being diagnosed with serious illness sooner, therefore the survival rate is greater than previous. To have serious illness cover in place gives you financial peace of mind and allows you to focus all your energy on your recovery. This cannot be underestimated. This money can be used, at your discretion, to get the best medical treatment and advice for your condition by removing financial restrictions on treatment. Imagine a situation where you could get the required treatment for your condition from a top specialist from overseas, but affordability restricts you. A serious illness cover payout can be used for this exact purpose.
Serious Illness cover provides you and your family with OPTIONS. It could make the difference between alleviating the financial stress of having to give up work for a period or being a financial burden on others. It can provide funds to make necessary alterations to your house that are required due to your illness. Imagine a situation where you have been diagnosed with Cancer and the payout from the policy allows you to give up work. Without this cover things will become very difficult for you and your family. You cannot rely on your employer or the state to provide such funds. Once you become a cost to your employer, with the best intentions, the business must come first. With a substantial drop in your income how do you pay your mortgage, pay for groceries, pay phone, gas and electric bills? How do you pay for medication? How do you fund your children’s education? How do you fund for your retirement years for you and partner? A tax-free lump sum can go a long way to helping.
So ask yourself this, will you and your family be financially secure in the event of a you/loved one/family member being diagnosed with a serious illness and being unable to work?
For advice, talk to us, your Financial Broker, today.
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