Critical illness insurance is designed to provide you and your loved ones with financial support in the event you experience a severe health condition. If you’re diagnosed with a covered critical illness, your insurance can provide you with a one-time lump-sum payout, subject to the terms of the critical illness policy, that can be used to cover anything that you and your family might need.

The importance of critical illness insurance cannot be overstated. Critical illnesses can come with long-term, ongoing healthcare needs or might require significant time off work to recuperate. Not only is it stressful, but these severe diagnoses can bring a significant financial burden to you and your loved ones.

Unlike life insurance, which provides a financial benefit if you pass away, critical illness insurance provides financial support while you’re still alive if you’re diagnosed with a covered illness. This is why the payout is often referred to as a living benefit. This financial support can help cover anything from medical expenses to lost income, so you can focus on the most important thing—your recovery