Fincheck Life Insurance
- Lets you compare from a wide range of providers
- Gives personalised offers based on your credit score and financial profile
- Hassle-free online application process
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Critical illness cover can offer you a lump sum payment to cover medical costs, debts and bills if you develop an illness or condition that’s covered in the policy.
Also known as trauma insurance, critical illness insurance can provide peace of mind if you suffer a serious medical condition such as cancer, heart attack or stroke.
To be eligible for a critical illness cover payout, your illness or injury must be one that is covered by your policy and while such conditions vary with insurers, the most common are cancer, heart attack, coronary bypass and stroke. It tends to pay out if a person suffers a serious illness that’s non-life threatening.
The condition must also occur after what’s known as the exclusion period.
Note: Check your PDS for the specific requirements of your insurer.
A pay-out from a Critical illness cover policy can be used to:
Most claims for a critical illness or injury are for either heart attacks, strokes or cancer, but there are others that may vary between insurers. This is why it’s essential you compare your cover, or speak to an adviser about a policy suitable to your needs.
You have two types of policies to choose between when signing up for trauma insurance: a standard policy or comprehensive policy. Most insurers cover the same medical conditions but there is a chance it will vary due to different definitions.
Here’s a list of what’s usually offered under standard and comprehensive policies.
|Standard policy||Comprehensive policy|
|The cheapest type of policy. It typically covers between 30–44 critical conditions, including the following.||Offers similar cover to a standard policy, but also provides cover for another 15 conditions. Here are some of them.|
One step you can take to find out what medical conditions are covered by your policy is reading your terms and conditions. This will outline all included costs, benefits and exclusions.
To make a trauma insurance claim you’ll generally need to follow this process.
The survival period is the amount of time a policyholder must survive before passing away, in order to receive a critical illness cover payment. Imagine, for example, a policy with a 14-day survival period. If the policyholder suffers serious trauma, is taken to hospital, and dies 12 days later the insurer will not pay out the policy. But if the policyholder passes away after the 14-day survival period (as a result of their injuries or illness) the insurer will grant the payout.
Many policies also feature a 90-day exclusion period. This is standard to make sure you don’t just take out trauma cover to make a claim for a condition you know you already have.
Under this exclusion, claims for many insured events will not be paid if the condition occurs or is diagnosed within 90 days of:
How much you pay for critical illness cover, or any kind of life insurance, will be determined by several factors. Your insurer will take into account:
There are a number of ways you can reduce the cost of your trauma insurance premiums:
Great, critical illness cover is important. But is it worth your money? What if you already have life insurance in place? Consider the following.
Critical illness cover can offer cover in areas where life insurance, income protection and disability insurance fall short:
Trawling for the best critical illness cover quote can be a time-consuming exercise, but it’s critical to do your homework to find the best policy to meet your medical and budget needs.
Find out all you need to create your own NFTs – the new application of blockchain technology that enables digital ownership of assets.
Elon Musk’s Starlink promises to bring high-speed, satellite-based Internet across South Africa. We break down how it works, the costs, availability and competition it might be up against.
CM Trading lets you trade CFDs, Forex, crypto, and more. Explore the features you can get with a CM Trading account in South Africa.
If you’re searching for an all-in-one appliance that can help you prepare a wide range of meals, this guide will help you find the best multi-cooker for your needs.
Learn how you can trade CFDs online in South Africa with our simple guide.
Finder speaks with investment experts from around the world about what investing looks like in a post-COVID-19 world.
Online trading giant eToro lets you buy stocks, ETFs, cryptocurrency and more. Find out how it works in South Africa.
Sonos’s massive soundbar produces some astonishing sound once you’ve got it set up, although its asking price may put it out of reach of many.
Find out how to compare your options and choose a desktop computer that suits your unique needs in our detailed desktop computer buying guide.
Are you unsure of which online retailers deliver bottled water? We’ve got you covered. This is where you can buy it online and see which stores offer free shipping.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.