Critical Illness Cover Options
Yes, you can buy critical illness cover as a standalone policy. These policies are designed specifically to provide financial support if you are diagnosed with one of the illnesses listed in the policy. Alternatively, critical illness cover can also be added as a rider to a life insurance policy. This option integrates critical illness cover with your life insurance, providing more comprehensive coverage but typically at an additional cost.
Related Reading: What is critical illness cover
Standalone Critical Illness Cover vs. Rider: A Comparison
Standalone Critical Illness Cover:
- Coverage: Specifically for critical illnesses.
- Cost: This may vary based on the extent of coverage.
- Flexibility: Can be tailored to your specific needs for critical illness coverage.
- Claim: Does not affect life insurance benefits.
Rider on Life Insurance Policy:
- Coverage: Adds critical illness to existing life insurance.
- Cost: Additional cost on top of life insurance premium.
- Flexibility: Dependent on the terms of the life insurance policy.
- Claim: May reduce the life insurance benefit if a claim is made.
Choosing between a standalone critical illness policy and a rider depends on your specific needs and financial situation. Standalone policies offer dedicated coverage, while riders provide an integrated solution with your life insurance. Understanding the terms and comparing costs can help you make an informed decision. Contact us today for a free quote.
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