How will you pay your mortgage if you are unable to work for a long period of time due to suffering from a serious illness such as a heart attack, stroke or cancer? If you are the sole income earner, will you be able to cope financially and run your household as usual?
Serious illness cover, or critical illness cover, insures you in the event that you contract an illness that will drastically change your life. A lump sum will be paid to you two weeks after you receive a diagnosis. Some policies pay out a smaller sum in the event that you are diagnosed with a less serious illness.
Serious illness cover can help contribute to your medical bills, buffer against lost income, go towards home adaptations and even pay off your mortgage.