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If you decide to look at this insurance, there are a few things that you should look at and consider as part of your decision process. Each company will provide a list of illnesses that they will insure. Generally a lump sum will be paid to you if you are diagnosed with one of these illnesses, however it is very important that you read all of the definitions, terms and conditions to understand what you would be insured for and when you would be paid. Illnesses such as cancer, a heart attack, multiple sclerosis, or a stroke can be covered.

Some plans will also include a death benefit. This may be an advantage to you if you do not have other death benefit insurance. Generally they will only pay once, either for illness or death, but not both. Since all insurance prices are determined by the overall amount, the term and the risk associated with the insured, you will want to pay careful attention to these areas. You should assess your cash flow needs as well as your overall debts to help you decide. Joint plans are available, as are waiver plans which pay for the premium if you cannot.


Note that if you stop paying the premium at any time or if you are still alive at the time the term ends, the insurance is no longer valid and you will not be covered by this particular policy.

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Last update: 20.06.2018