Why should I consider a severity based Serious Illness policy?
- You are only covered for a defined list of illnesses, which can be as many as 40+ , but you must meet the definition to be eligible for a claim, and
- that you can only claim once and then the policy is finished which also leaves you, in the majority of cases, unable to get further insurance after you have made a recovery.
That is until the launch of a new concept in Critical Illness cover called Serious Illness Cover ,which has been the first real innovation in this area for years.
When you insure your car or your home and contents, your cover continues after you make a claim. So why do many traditional critical illness policies stop after they've paid out just once? After all, your wellbeing is much more important than your car or TV. Serious Illness Cover could keep going after you claim and receive a payout. And while most other companies cover around 40 listed conditions and illnesses,Serious Illness cover can cover between 93 and 154 , depending on your choice of cover. Plus it pays out based on the severity of your illness or disability. This means you could receive a payout of some of your cover at an earlier stage of your illness, even if it's not life-threatening. So you're more likely to get a payout when you really need it and could benefit from continued cover in the future.For free quotation please click here .
Severity payments
Serious Illness Cover pays out based on the severity of your illness or disability. This means you could receive a payout at an earlier stage of your illness, even if it is not life threatening.
There are 6 levels of severity which are used to determine the amount of money that gets paid out when you need to make a claim. These levels have been set to ensure that claims paid out appropriately reflect the impact that the serious illness has on your lifestyle.
Severity Level How much?
A Pays 100% of the benefit cover
B Pays 75% of the benefit cover
C Pays 50% of the benefit cover
D Pays 25% of the benefit cover
E Pays 15% of the benefit cover
F Pays 10% of the benefit cover
Levels A - D available on the Primary Plan
All Levels available on the Comprehensive Plan
Example of severity levels in practice - Musculoskeletal Trauma
In 5 out of the 6 conditions the insured would not receive a payout under a traditional Critical Illness policy ,in what are very life changing situations.
The insured will receive a pay out of following under the Comprehensive level of Serious Illness Cover:
A Loss of hands or feet - permanent physical severance 100% Covered under ABI definition
B Loss of a single limb - permanent physical severance 75% Not Covered under ABI definition
C Loss of a single hand or foot - permanent physical severance 50% Not Covered under ABI definition
D Surgical reattachment of an amputated limb - for trauma 25% Not Covered under ABI definition
E Le Fort III reconstruction - for trauma 15% Not Covered under ABI definition
F Amputation of two or more fingers or thumbs - permanent physical severance 10% Not Covered under ABI definition.
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