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Critical Illness Insurance
Critical illness insurance is designed specifically for serious illness. If you are diagnosed with one of the critical illnesses listed in your policy, your insurer pays you a one-off lump sum. The aim is to give you and your family extra financial support for treatment, recovery and everyday living costs while you deal with a major illness.
Critical illnesses usually include high-cost conditions such as cancer, heart disease, stroke and organ transplants. Treatment for these conditions is often very expensive, and it may also leave you unable to work and without an income. The lump sum can go towards medical bills, rehabilitation, nursing care and your household's day-to-day expenses, easing the financial pressure on you and your family so you can focus on getting better.
Unlike standard health insurance, a critical illness payout is a fixed amount, and you are free to use it however you need. Whether or not it goes on medical costs, the money gives your family important financial security. That makes critical illness cover a key way to protect your finances against health risks, especially if you want a buffer against major medical expenses.
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Why do you need critical illness insurance?
If you are diagnosed with a critical illness, your insurer pays a lump sum so you can focus on recovering without money worries. In New Zealand, the three most common conditions behind critical illness claims are cancer, heart attack and stroke.
A serious illness can bring large medical bills and long-term care costs that swallow most of a household's income, putting real financial and emotional strain on you and your family. Critical illness insurance gives you cash support when you need it most, eases that pressure on you and your loved ones, and helps you get through a difficult time financially.